Plan For Rising Healthcare Costs in Retirement!
In this video I want to talk about the rising costs of healthcare in retirement and how you can plan for the rising costs of healthcare in retirement. No retirement plan is complete without a deep dive into the costs of healthcare especially once an individual or family retires.
In a recent study by Health View Services, 61% of workers have DELAYED retirement because of the costs of healthcare once they retire. In the same study, 60% of individuals believe healthcare costs will be a MAJOR factor in their retirement income planning.
A healthy 65 year old retired couple today will be expected to pay $387,000 in total healthcare costs throughout their retirement (This does NOT include Long Term Care costs). This includes: Medicare Premiums, Secondary Insurance Premiums, Co-payments & deductibles, Drug costs, and other out of pocket medical costs not covered by Medicare or Insurance.
Estimated Annual Cost For Healthcare in Retirement:
2024-70-$16,55
2029-75-$21,164
2034-80-$27,060
2039-85-$34,268
We need to incorporate healthcare expenses into our retirement planning. Healthcare inflation is currently running at 4.41% and that does not include Long Term Care that many retired individuals will need later in retirement.
How You Can Navigate Costs Of Healthcare In Retirement:
1. Maintain a healthy lifestyle
2. Have a Plan for healthcare costs in retirement
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**Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. Please call me at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.**