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.” https://insurancenewsnet.com/oarticle/even-affluentamericans-are-concerned-about-health-care-costs-and-theirimpact-on-retirement-plans#. Accessed Oct. 6, 2018.
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