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Do you Have Enough Saved for Healthcare in Retirement?

Do you Have Enough Saved for Healthcare in Retirement?

September 12, 2022

Retirement can last 20 or more years and Healthcare is one of the biggest expenses…and worries…people face.  A study by HealthView Services projects that health care inflation will remain at almost 12% ( 2-2.5 times higher than US inflation) over the next two years. For an average 65-year-old couple who start receiving Social Security payments at 65, healthcare expenses will consume 68% of their benefits.

Additionally, the report states that “While most 65-year-old couples retiring in 2021 can expect their retirement healthcare costs to fall between $156,208 and $1,022,997, factors such as the state in which they retire, coverage choices and chronic health conditions can have a significant impact on where within that range they may fall, highlighting the importance of personalized healthcare cost planning”

Thus, planning for healthcare is a crucial piece of your financial plan. We want you to know you are not alone.  Call us to schedule an appointment and review your unique situation.  We focus on tomorrow so you can focus on today!

Contact the Balanced Financial Concepts office at 440-349-5110.