Have you begun saving for retirement?
When determining the amount of money you need to retire, have you figured in your expected health care costs?
According to an article in USA Today, more than half of retirees surveyed by the Employee Benefit Research Institute say they are not confident they have saved enough money to cover their health care costs during retirement.
We see this all the time, and we make much the same recommendations to our clients as are found in the article:
- Understand and accept the fact that you WILL need to pay health care costs during retirement.
- Estimate what those costs will be and incorporate them into your savings plan.
- Consider purchasing Long Term Care (LTC) Insurance.
- Consider choosing current health coverage that incorporates a Health Savings Account (HSA). HSAs allow you to put aside money for health care costs in a tax advantageous manner.
If you need assistance predicting your future health care costs, or would like more information on LTC insurance or HSA plans, give us a call!