Thursday, June 04, 2020

Make Health Care Costs Part of Retirement

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There are plenty of educational programs on how to save for retirement, and even the industry as a whole has told people to find their goal or a specific dollar amount for retirement. However, what is often not considered is just how much a person will be spending on health care once they retire.

An article titled, “Workers not factoring health costs into retirement planning,” on Employee Benefit News, says that while people may factor in cost-of-living increases, they don’t consider what they’ll spend on health care. This can be made worse if that person has a family history of declining health as they age or if the individual expects they may need long-term care well before they are ready to stop working.

With pensions almost non-existent, and company health plans for retirees being reduced or eliminated altogether, creative strategies are needed when planning for retirement. A good retirement advisor can discuss income solutions throughout each stage of a person’s lifetime so that they never run out of money. This strategy is far more valuable than reaching a number because it takes into account all the possible elements someone might face and then adjusts their financial picture accordingly, thus allowing them to be better prepared when they finally decide to retire.

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