How Will I Manage Health Care? Script: (0010)

One elephant in the room that you must address during retirement is health care.

Why?

Health care can be one of your more significant retirement expenses, but we often don't adequately plan for it.

For example, how will you cover your medical expenses if you retire before Medicare kicks in? Do you need to plan for a supplement in addition to Medicare?

And don't forget about long-term care, which has the potential to derail your retirement if not accounted for properly. According to the U.S. Department of Health and Human Services, a person turning 65 today has a 70% chance of needing long-term care.

It can certainly feel overwhelming! But unfortunately, there is not a simple solution that works the same for everyone.

The key is to research all your options, which we can help, and prepare for a multi-phase approach as you reach specific key ages.

Bottom Line…Health care spending can easily account for a significant portion of a retirement budget. Identifying these costs and creating a strategy for spending can help preserve more of your retirement assets for more enjoyable expenses.