It’s no secret many of us have thought of our retirement. But what about your finances when it comes to your health? What happens when you get sick? Will you have enough money to cover the expenses? Here with ways to plan for healthcare costs in retirement Duke Smith, chief retirement strategist explains more.
Why is it important incorporate our health, when thinking about our retirement? People are living longer, but not necessarily healthier Est. 65 year old couple who retired in 2019 would need $285,000 to cover healthcare costs in remaining years. Inflation Standards of Care Medicare Insurance and long-term care coverage Prevention Work with a financial Advisor Take charge of your health Know your policies and understand benefits It makes you stop and think about the huge cost of healthcare that may apply to our lives. What would some of the factors include? Long-Term Care by the Numbers 70% - Chance of needing long-term care in your remaining years if you're currently age 65 or older 3.7 years - Number of years women need care (on average) 2.2 years - Number of years men need care (on average) 20% - Percentage of today's 65-year-olds who will need care for longer than 5 years
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