Take care of the biggest retirement worry
Finance & Planning | Jul 06, 2015
According to a survey by Merrill Lynch, people over 50 worry the most about their health care costs in retirement. Only 15 percent of people who have yet to retire have actually figured out how much they'll need for health care and caretaking services in retirement, but that they're worried is no surprise. Out-of-pocket costs for health care could be as high as $318,800 if your retirement lasts 30 years, according to CNBC.
"People are quite enthusiastic about the chance of living a longer life, yet at the same time there is mounting worry about the cost of health care in retirement, and very few people have sat down and figured out what that will be," gerontologist Ken Dychtwald, CEO of Age Wave, said.
If you are not yet retired, your planning for retirement needs to include health care costs. Additionally, you need to take care of yourself - going into retirement healthy means you will have fewer health care costs and you will be able to enjoy your golden years more fully.
Stay healthy physically and financially
It is also worth noting that more than half of retirees had to leave the workforce earlier than they had planned, and one in three of these people did so because they had serious health problems. Maintaining your health means you can keep working for as long as you plan to do so, while neglecting yourself may mean you are forced to retire early than you had saved to do.
If you are already retired, you already know the cost of health care can be a source of concern. You may also know all about the impact of health issues on your retirement. No matter who you are or what your health is like, you should be sure to make every effort to maintain your current wellness and get even healthier.
Similarly, you need to watch your health care costs when you retire. Medicare itself leaves plenty of costs for you to take on, and for this reason you should have a health care plan that covers the rest. Whether this is a Medicare Advantage plan or Medicare supplement health insurance, you may find an additional plan can help you make your retirement more pleasant financially.
When you take charge of your health - and your health care costs - you have tackled the biggest fear of many retirees. Smart financial planning and insurance coverage can give you the retirement you want without worry and anxiety about how you will manage to support yourself for years to come.