(I’ve had) the time of my life

Posted on December 9, 2011

Nearly a third of Americans say that running out of money is their top concern about retirement.  Small wonder given this year’s experience with the stock market.  Last month, The New York Times had this to say:

“Excess stock market volatility ­ price moves that get reversed in a few days or weeks – has risen to levels seen only three times before in the past 60 years: after the 1987 stock market crash, near the bottom of the market decline in 2002 and during the financial crisis and recession of 2008 and 2009.”

In August, CNN posted its own analysis of stock market uncertainty headlined, “Market volatility here to stay.”

This need for regular, secure income is even more acute for those facing ongoing medical or living expenses relating to injuries.  After all, if you need surgery or ongoing therapy, you can’t exactly wait for a market rebound to pay for it.  

That’s why, if you’re settling an accident claim, you should discuss with your structured settlement consultant how you can protect your financial security during retirement.  Depending on your settlement, this can include guaranteed payments for not only for your life but also for your spouse’s life.  Another option: a lump sum payment just before retirement as a financial cushion for your first few years.

Also, remember that in order to gain the full tax benefits of a structured settlement, you’ll need to agree to its terms before the final settlement.

For a free handout on this and other financial issues involving retirement, please click here.