Why Health and Wealth Are More Connected Than Ever
When planning for retirement, most people focus on saving enough money to live comfortably. But there’s one expense that catches many retirees off guard — healthcare.
As people live longer, healthcare becomes one of the largest and most unpredictable retirement costs. And without careful planning, medical expenses can quietly drain even the best-built nest egg.
This Financial Planning Awareness Month, it’s time to connect the dots between your healthcare strategy and your retirement income plan. Read More
Planning Doesn’t End When You Retire
Reaching retirement doesn’t mean your financial planning journey is over—it means it’s evolving. After decades of saving, the challenge shifts from building wealth to preserving and managing it.
This October, during National Financial Planning Awareness Month, it’s the perfect time to make sure your plan is keeping up with your life, your goals, and the economy.
Why Ongoing Planning Matters
A financial plan isn’t a one-time document—it’s a living strategy. Life changes, markets fluctuate, tax laws evolve, and healthcare costs rise. Without regular check-ins, even a solid plan can drift off course.
Common Triggers That Require a Plan Update:
- A spouse retires or starts Social Security
- A new grandchild or inheritance
- Health or long-term care needs change
- Market conditions shift significantly
- Major expenses arise (home repair, travel, family support)
Proactive reviews ensure your plan adapts before small issues become big problems. Read More
October 15 to December 7: Your Window to Make Changes
Today marks the start of Medicare’s Annual Election Period (AEP)—October 15 through December 7. During this time, beneficiaries can review and adjust health and prescription drug plans for the coming year.
Any changes you make now will go into effect January 1, 2026.
Missing this window could leave you stuck in a plan that’s no longer optimal—or paying higher charges in some cases. Read More
Time Can Be Your Greatest Ally—or Your Biggest Expense
When it comes to financial planning, doing nothing can be the most expensive decision of all. Every year you delay taking action—whether it’s buying life insurance, starting an annuity, or repositioning investments—you lose something that can’t be recovered: time.
October’s National Financial Planning Awareness Month serves as a reminder that financial confidence begins with early preparation. And waiting even a few years can have lasting consequences on your income, security, and peace of mind.
The Hidden Costs of Waiting
1. Lost Compounding Growth
Compounding is often called the “eighth wonder of the world” for a reason—it rewards time, not timing.
Let’s say you plan to start saving $500 a month for retirement at age 50. If you wait just five years—until age 55—you’ll end up with nearly 30% less at retirement, even if you earn the same rate of return. Read More
Why Retirement Income Gaps Are So Common
For many retirees, the fear isn’t dying too soon—it’s living too long without enough money. Even diligent savers can discover that Social Security and investments alone may not cover all their expenses. That’s where the concept of an “income gap” comes in.
Your retirement income gap is the difference between what you’ll need to live comfortably and the reliable income you’ll have coming in.
According to the Employee Benefit Research Institute, only about 1 in 3 retirees feel “very confident” their savings will last their lifetime. This lack of confidence usually comes down to not knowing how big their income gap really is—or how to close it. Read More
Why October Matters for Your Finances
Every October, National Financial Planning Awareness Month serves as a reminder to pause, reflect, and take action on your long-term financial goals. Just as people use spring for “cleaning up” their homes, October is a chance to organize your financial life before year-end.
For retirees and those approaching retirement, this awareness month is more than just a calendar event—it’s an opportunity to evaluate whether your plan for income, taxes, insurance, and investments is truly built to last a lifetime.
At SafeMoney.com, we created this article to answer the most common questions retirees and pre-retirees have about financial planning, retirement income strategies, and how new laws, taxes, and market conditions can impact your nest egg.
What Is Financial Planning Awareness Month?
National Financial Planning Awareness Month was established to highlight the importance of setting financial goals, creating a strategy to reach them, and making sure your plan stays on track as life changes. Read More
Over the next decade, the United States will experience one of the largest financial shifts in history—what experts call “the Great Wealth Transfer.” Baby Boomers, those born between 1946 and 1964, are beginning to pass on their assets to younger generations.
It’s estimated that $68 to $84 trillion will change hands by 2045, with most of that happening in the next ten years. For families, this shift will bring both opportunities and challenges. Preparing now can make the difference between building a stronger legacy—or watching wealth disappear to taxes, fees, or disputes.
What Is the Great Wealth Transfer?
The Great Wealth Transfer refers to the massive movement of assets—savings, investments, businesses, and property—from Baby Boomers to their heirs. This includes:
- Retirement accounts like 401(k)s and IRAs
- Life insurance proceeds
- Real estate (homes, vacation properties, investment rentals)
- Family-owned businesses
- Stocks, bonds, and other investments
- Personal savings and valuables
Baby Boomers currently hold over half of U.S. household wealth, and as they age, that wealth will steadily move to children and grandchildren. Read More
When planning for your family’s financial future, life insurance is one of the most important tools you can put in place. But if you’ve ever researched your options, you’ve probably seen two main categories: term life insurance and permanent life insurance.
While both provide financial protection for your loved ones, they work very differently — and choosing the wrong one could cost you money or leave gaps in coverage. In this guide, we’ll break down the differences between term and permanent life insurance, the pros and cons of each, and how to decide which may be right for you. Read More
