Here’s just a few statistics and things to ponder:
Remember when everyone used to work at the same…. department store, firm or manufacturing company for 35+ years. Back then, you were promised a pension and allowed to also keep your health care plan after leaving their employ – even for the whole family! Back in 1997, this was true for 1 of 4 in and in 2011 this number was down to 10% employer coverage.
Today, 26% of the American people don’t know what the annual health care costs in retirement will cost after stepping away from employment. The blazing question is: Did you or are you budgeting enough for this healthcare expense?
ONE OF OUR BIGGEST RETIREMENT EXPENSES will be out-of-pocket health care costs. It’s estimated this cost could range from $259,000 – $392,000 for the average 65-year-old couple over a 20-year retirement. This doesn’t even include costs for long-term care, which can be financially devastating for you and your family. While this number paints a broad picture of retirement health care expenses, many people end up guessing or underestimating what their expected costs will be.
LET’S ELIMINATE THE GUESSWORK
To help you plan, with a better idea of what these costs may mean for your retirement, you can get a better idea of your expected retirement health care expenses with an assessment.
If you haven’t yet thought about it, an in order to plan for this, you’ll need to know what portion of your income or savings you’ll need for Medigap or medicare supplement premiums, Medicare Part B Premiums, Medicare Part D Premiums and Out-of-Pocket Drug expenses.
If you’re in the preretirement age group, say in your 40’s, 50’s or approaching 60, you’ll want to discuss what this picture looks like for planning for healthcare costs in your retirement years. If you have an advisor, I suggest you make that appointment. If you don’t and want more information, myself, as an advisor, I would start with a Health Care Cost Assessment.
- Uses research from one of the world’s leading actuarial firms to align your anticipated health care needs with current trends in health care spending.
- Personalizes your estimate based on your current health conditions, family medical background and outlook for retirement, such as where you plan to live
- Shows how your health care spending can change throughout retirement and estimates your -potential long-term care costs
You can check out what this extensive assessment looks like here: ASSESSMENT EXAMPLE
I can get one done on your behalf an it’s quite simple. There are just 3 steps.
- Contact me and get the fact finder or assessment. Then return it to me and I will work will send it on to the Nationwide Planning Team.
- Schedule a time to meet with me either in person or via phone in order to review your assessment. After originally submitting your assessment to me, it will typically take 7 – 10 business days to get the options plan back
- Take the first step to get ready for retirement healthcare costs.
Ready to get started? Would you like to know what this cost looks like for you and your future? Drop me a line, schedule a consultation or give me a ring… I’m ready to serve you – to provide you with some peace of mind, knowing that you’re headed in the right direction for your golden years.