Feb. 28, 2024

Health Care Planning in Retirement Overview Part 1



Published May 8, 2023, 8:40 p.m. by Bethany


retirement is a time of rest and relaxation, but it can also be a time of worry. You may have questions about retirement planning, such as how much money you'll need and when you should start saving. This overview will help you answer some of your questions.

How much money should you save for retirement?

There is no one right answer to this question. The amount of money you need to save for retirement depends on a variety of factors, including your age, the amount of money you have saved, and the type of retirement plan you choose. Generally, you should aim to save at least enough money to cover your expenses during retirement, but you don't need to save the entire amount.

How do you figure out how much money you need to save for retirement?

There is no one definitive answer to this question. You can use a retirement calculator to estimate how much money you'll need to save for retirement based on your age, income level, and other factors.

How can you start saving for retirement?

There is no one definitive answer to this question. You can start saving for retirement by contributing money to a 401(k) or other retirement plan, or by investing money in stocks, bonds, or other securities.

What are some other things you should consider when planning for retirement?

You should also consider the following factors:

-Your health care needs in retirement

-Your plans for socializing and spending time with friends and family in retirement

-Your plans for traveling in retirement

-Your plans for maintaining your current lifestyle in retirement

What are some tips for preparing for retirement?

Here are some tips for preparing for retirement:

-Start planning for retirement as soon as you start planning for your own financial future.

-Save as much money as you can.

-Consider using a retirement plan such as a 401(k) or IRA.

-Invest your money wisely.

-Create a financial plan to help you manage your money during and after retirement.

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- [Tim] According to a nationwide survey of US adults


age 50 and up, four in five people can't accurately estimate


how much they expect to pay for healthcare in retirement.


It is vital to the retirement planning process


that financial professionals and their clients


get a better idea for the cost they can prepare for.


I'm Tim O'Mara with the Nationwide Retirement Institute


which was founded to provide financial professionals


with the tools and insights they need


to help their clients navigate the most important topics


in retirement.


And this is health care, planning for costs in retirement.


- Fewer and fewer companies are offering


their retired employees company health care benefits


in retirement.


We already know that 10,000 baby boomers


are turning 65 every day


and that is gonna continue until 2030.


This means that many retirees will no longer


have company paid health insurance,


which in turn means they'll need assistance


with Medicare and may have other gaps to consider.


- [Tim] In a recent Harris Poll commissioned by Nationwide,


older adults were asked how much that they think


annual health care costs are in retirement.


44% weren't sure or couldn't estimate but in total,


84% of people underestimated or didn't know.


Now it's possible many people don't think about those costs


because they know they will have Medicare


and may mistakenly think it will cover all their needs.


Medicare recently celebrated its 50th year


as America's nationally subsidized health insurance,


after several presidential administrations


tried and failed to install


a national senior healthcare solution,


Medicare was founded in 1965 to help meet


the healthcare needs of citizens over the age of 65


who were not covered by healthcare insurance of any kind.


For financial professionals and their clients,


understanding how Medicare works, its options and costs


is a key component of a comprehensive plan


for life in retirement


and it's an issue where clients are largely uninformed.


- Medicare is awash with jargon


and presents clients with an avalanche


of time sensitive information


that requires decisive answers.


The choices someone makes can have a huge impact


on their retirement income and quality of life.


- Surveys generally show that most people haven't discussed


Medicare with a financial professional


and they probably should.


Medicare is a critical component of health coverage


in retirement and as more and more insurance companies


exit the market for senior health insurance,


Medicare, alongside social security,


is a nearly universal retirement issue.


Join me for part two in this series


as we break down the options and implications of Medicare


and learn how to translate questions about Medicare


into a broader conversation about managing income


and expenses in retirement.


(gentle upbeat music)


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