If you’re like many American workers, you’re eyeing retirement with apprehension. If you’ve been following our blog series on Retirement this month, you know that we’ve been covering some of the tough topics that individuals face as they prepare for retirement. When my clients come to me, no matter the reason or the stage of life, there are always two questions that they ask me, two main questions. They are, “Will there be enough money?” and, “Will everything be okay?”
As with any other situation in the financial landscape of your life, retirement is no different. Planning and being prepared ahead of time, covering your bases and managing potential factors before they arise is key to any sound retirement plan. One such potential factor that weighs in is that of health care coverage when retired.
The rising costs of healthcare (especially as we age) is a known factor, and one that is enough to strike fear in the hearts of many approaching retirement. Health care costs can eat up a sizable chunk of retirement savings, especially given the hit that many retirement accounts took in the last decade.
When it comes to planning for retirement, healthcare costs and planning for healthcare cannot be ignored. This is definitely one situation where careful planning is key, because many approaching retirement fear that they will be stuck working to maintain health care benefits long after they’d planned on retiring. Outliving one’s retirement assets is becoming a real fear for those approaching retirement, as people are living longer and also being forced to spend diminished retirement income on rising healthcare expenses.
You shouldn’t be forced to spend your retirement years worrying about whether or not you’ll be able to qualify for Medicare or if your retirement nest egg will run out too soon. You should be enjoying these golden years of your life. This can be accomplished through the peace of mind that sound planning affords. Plus, as I’ve stated previously, you have options, many options, for both healthcare coverage as well as retirement saving and investing.
If you’re like the 62% of Americans in the pre-retirement stages (ages 50-64) who are not at all confident that they have enough savings to weather their healthcare costs in retirement, I encourage you to contact St. Croix Advisors or another qualified financial planner today. Don’t waste another second of your life worrying about the future that you could be looking forward to.