When it comes to life post-retirement, health care is an important needle to thread. 70% of people turning 65 can expect to need some form of extended health care. While it’s never fun to think about aging, creating a patchwork of solutions can help secure your future health and well-being.
By 2030, about 10 million people over the age of 65 will be dealing with a significant disability. So that is a piece that must be considered. And since women outlive men, by five years on average, they may need to consider this in their extended care solutions.
The costs are higher than ever. Americans spend billions of dollars a year on extended health care services. There are a variety of products at your disposal for extended care, the most obvious being insurance. Additional choices may include riders on life insurance, fixed annuities, or self-funding through savings.
What’s important is getting the funding choices you select to work together and work for you. As you put the pieces together, it’s important to discuss your choices with your family and with your financial professional. Together, you can create a strategy that’s designed to ensure your comfort and security as long as you need it.
What is your plan for health care during retirement? Give us a call and we can discuss!