Living to a ripe old age brings with it many milestones and memories. Unfortunately, it also can come with significant medical expenses. The longer we live, the more likely we are to incur them.

A recent survey of affluent, older adults conducted by the Nationwide Retirement Institute revealed 64 percent are “terrified” that significant health care costs could derail their retirement plans. Consider:

  • 27% say they couldn’t cover more than $1,000 in unplanned expenses
  • 44% couldn’t cover more than $4,000
  • 60% couldn’t cover more than $5,000

Adults age 50 and older with at least $150,000 in household income report they plan to use a wider array of resources like Medicare to cover medical expenses than current retirees do (71 percent vs. 59 percent).

For those nearing retirement, developing a plan for health care costs should be a priority. And yet, more than half (52 percent) of those who have a financial Adviser say they haven’t discussed such a plan.

It’s never too early — or too late — to explore strategies that can help ensure health care expenses don’t undermine a retirement income plan.

1 Insurance News Net. June 26, 2018. “Survey: Wealthy Americans Fear Health Costs Could Derail Retirement.” Accessed Oct. 6, 2018.


Standard disclaimer

Advisery services offered through Lake Point Wealth Management, LLC, an SEC Registered Investment Adviser. Insurance products and services offered through Lake Point Advisory Group, LLC. It is important that you do not use e-mail to request, authorize or effect the purchase or sale of any security or to effect any other transactions. The information transmitted herein and any attachments or files transmitted herewith may contain proprietary, confidential and/or protected, non-public information, are covered by applicable state and federal laws and are intended solely for the use of the individual or entity named above as the intended recipient. If the reader of this message is not the above-named intended recipient, or his/her/its agent, be advised that any review, disclosure, dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please immediately notify the sender by telephone or e-mail and destroy the material forwarded in error. Nothing in this communication shall constitute an offer to sell or solicit any offer to buy a security or any insurance product. Recipients should be aware that all emails exchanged with the sender may be archived and may be accessed at any time by duly authorized persons and may be produced to other parties, including public authorities, in compliance with applicable laws.