Donald C. Reutemann CFP®, RPA, AIF®

(518) 688-2223

Retirement Read Time: 2 min

Money that Buys Good Health is Never Ill Spent

A retired couple age 65 can expect to need about $315,000 saved to cover healthcare expenses in retirement. With healthcare expenses in the spotlight, it’s incumbent upon us to make sure our retirement strategy anticipates these costs.1

But that’s not enough.

Remember, healthcare coverage (including Medicare) typically does not cover extended medical care. And it’s a prospect we shouldn’t overlook. About 70% of people will need extended care at some point in their lives.2

These annual costs can range widely based on geographic location and the type of care required. An assisted living facility will cost over $85,000 per year in Alaska. In Oklahoma, it would cost around $49,000 a year. When retirees were surveyed, almost one in five reported that extended care costs were higher than expected.2,3

Finally, you may want to consider a Medigap policy, which may help cover some of the healthcare costs not covered by Medicare.

Making sure that you are properly insured for your medical costs may help strengthen the foundation of your retirement.

1. Fidelity.com, April 2023
2. Genworth.com, 2023
3. EBRI.org, 2022

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

Related Content

Are You Ready for Your Portfolio to Make a Difference?

Are You Ready for Your Portfolio to Make a Difference?

Learn about the rise of Impact Investing and how it may benefit you.

A Look at Whole Life Insurance

A Look at Whole Life Insurance

Whole life insurance remains in force as long as you remain current with premiums. Here's how it works.

Buying Auto Insurance For Teen Drivers

Buying Auto Insurance For Teen Drivers

Tips on insuring your teen driver.

 

Have A Question About This Topic?







Thank you! Oops!

SECURE Act 2.0: An Overview

The second iteration of the SECURE Act brings forward several changes to the world of retirement.

Why Regular Rebalancing Makes Sense

Without your knowing, your investment portfolio could be off-kilter.

How Retirement Spending Changes With Time

It can be difficult for clients to imagine how much they’ll spend in retirement. This short, insightful article is useful.

View all articles

A Look at Systematic Withdrawals

This calculator may help you estimate how long funds may last given regular withdrawals.

Bi-Weekly Payments

This calculator estimates the savings from paying a mortgage bi-weekly instead of monthly.

Social Security Taxes

Estimate how much of your Social Security benefit may be considered taxable.

View all calculators

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

Investment Strategies for Retirement

Investment tools and strategies that can enable you to pursue your retirement goals.

Principles of Preserving Wealth

How federal estate taxes work, plus estate management documents and tactics.

View all presentations

Consider These 3 Things Before Driving Off the Lot

There are a few things to consider when buying or leasing your next vehicle.

Safeguard Your Digital Estate

If you died, what would happen to your email archives, social profiles and online accounts?

The Cycle of Investing

Understanding the cycle of investing may help you avoid easy pitfalls.

View all videos