We all hope to live a long and healthy life, but if you want help to ensure a healthy retirement income strategy you’ll need to account for health care expenses you may face in the future. Too often, people neglect to think through challenges they may face as they age when they’re preparing a retirement income strategy.
We don’t want you to fall victim to some of the common mistakes we see people make, so here are a couple to avoid:
- Ignoring the cost of healthcare:
According to one study, a 65-year-old married couple that retired in 2014 will need about $220,000 for health care costs in retirement.
- Not planning for the potential need for long-term care:
It’s estimated 70 percent of those over 65 will require long-term care at some point in their lives, and the average cost of a private nursing home room is more than $77,000 a year!
Failing to take these factors into consideration could decrease your retirement income. If you’d like someone to help you think through all the possibilities as you prepare your retirement income strategy, we’re here to help.We specialize in helping people take action today in order to help them feel confident in their future tomorrow, and we will be there to help you stay on track.