Shield Your Retirement from Life’s Surprises
Presented by Retirement GPS – Navigated by Zynergy
Growth Gets You There. Protection Keeps You There.
You’ve spent decades building your retirement—saving diligently, investing wisely, and planning carefully. But even the strongest plan can crumble if it’s not protected. At Zynergy, we call this part of the GPS framework Risk Management—the “castle walls” and “moat” that defend everything you’ve worked for.
Retirement isn’t just about growing wealth; it’s about safeguarding it. Without the right protection, a single unexpected event—an illness, accident, or lawsuit—can derail years of progress.
The Four Big Risks in Retirement
Think of retirement like a long journey. You don’t pack only for sunny days—you bring a raincoat, a spare tire, and a first-aid kit. The same principle applies to your financial life.
1. Long-Term Care (LTC) Insurance
Nearly 70 percent of people over 65 will need some form of long-term care in their lifetime. Medicare does not cover ongoing custodial care like help with bathing or eating. In New Jersey, a private nursing home can cost over $150,000 per year.
LTC coverage protects both your assets and your spouse’s lifestyle. Options include:
- Traditional policies that pay a daily or monthly benefit
- Hybrid life + LTC policies that provide care if you need it or a death benefit if you don’t
For many families, age 55–64 is the ideal window to explore coverage.
2. Medicare Gaps & Prescription Coverage
Medicare Parts A and B cover hospital and outpatient care—but leave gaps for dental, vision, hearing, and prescriptions.
To close those gaps:
- Medigap supplements fill cost holes in Original Medicare.
- Medicare Advantage (Part C) bundles hospital, medical, and extra benefits.
- Part D covers prescriptions (unless included in Advantage).
Review your plan every year—your health and premiums change. Skipping coverage can mean five-figure out-of-pocket bills.
3. Life Insurance in Retirement
Many retirees assume life insurance is no longer needed once the kids are grown and the mortgage is paid. But it can still serve critical roles:
- Replacing income for a surviving spouse who loses part of Social Security or pension benefits.
- Covering final expenses.
- Creating a legacy or equalizing inheritances.
Ask yourself: “Does life insurance still have a job in my plan?” If yes, make sure the type and amount fit your current goals.
4. Liability and Cash Protection
A lawsuit or accident could put your savings at risk.
- Umbrella insurance adds $1–$5 million of liability coverage for a low cost.
- FDIC insurance protects cash up to $250,000 per depositor, per bank, per account category—use multiple banks to extend that coverage.
Action Steps: Fortify Your Castle
Here’s how to begin protecting what you’ve built:
- Review your insurance basics. Do you have adequate LTC, Medicare supplements, and liability coverage?
- Check your cash protection. Make sure your deposits are fully insured.
- Have the conversation. Discuss “what ifs” with your spouse or partner.
- Schedule a review. Bring your GPS Scorecard to your next planning meeting to close any gaps.
Want the strategy behind the framework?
Listen to Episode 8 of the Retirement GPS Podcast: Protecting the Journey – Risk Management & Insurance