Covid-19 has also raised questions and challenges with senior living arrangements such as assisted-living facilities and nursing homes after many of these were locked down and/or experienced virus-related deaths.

“There are real issues around choosing what strategy to assess to take care of loved ones and how to make it work,” Rappaport said.

Going forward, Rappaport believes more families will be involved in helping parents and other family members as they get older. “I am also guessing there will be more multi-generational family households, and I think there are some tricky issues for multi-generational families,” she said, adding that some families with younger kids could find themselves in the home-schooling business while they juggle helping their older relative.

The pandemic also reinforces the importance of scrutinizing the type of health-care coverage you have. She noted that choosing health insurance, even when you are eligible for Medicare, can be tricky because of the different options and the different Medicare Advantage Plans. But this is where advisors can also provide help.

And regardless of what is happening with Covid-19, Rappaport said, the logistics of when to claim Social Security remains a huge issue for many Americans.

“Claiming late for many people is a really good deal but people don’t necessarily recognize it,” she said. “And that’s even truer today than it was a few years ago because of the low interest rates.”

Finally, Rappaport said, the current pandemic bolsters the need for sound financial planning that ensures access to an emergency fund to minimize financial instability. That includes going back to retirement basics such as saving and reducing spending.

And she said retirees should focus on establishing retirement income that’s not reliant on equities and which could provide more sustainable financial security.

“They should either have cash reserves or a guaranteed lifetime income or annuities to cover basic expenses and discretionary expenses,” she said.

And as for new retirees, Rappaport noted, one of the big questions they have is whether they can still afford retirement. “Of course, that’s a natural for the advisor to work through with them,” she said.

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