Zielonka Financial Services LLC

(888) 967-1040

Retirement Read Time: 2 min

Money that Buys Good Health is Never Ill Spent

A retired couple age 65 can expect to need about $315,000 saved to cover healthcare expenses in retirement. With healthcare expenses in the spotlight, it’s incumbent upon us to make sure our retirement strategy anticipates these costs.1

But that’s not enough.

Remember, healthcare coverage (including Medicare) typically does not cover extended medical care. And it’s a prospect we shouldn’t overlook. About 70% of people will need extended care at some point in their lives.2

These annual costs can range widely based on geographic location and the type of care required. An assisted living facility will cost over $85,000 per year in Alaska. In Oklahoma, it would cost around $49,000 a year. When retirees were surveyed, almost one in five reported that extended care costs were higher than expected.2,3

Finally, you may want to consider a Medigap policy, which may help cover some of the healthcare costs not covered by Medicare.

Making sure that you are properly insured for your medical costs may help strengthen the foundation of your retirement.

1. Fidelity.com, April 2023
2. Genworth.com, 2023
3. EBRI.org, 2022

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

Related Content

Who Is Your Trusted Contact?

Who Is Your Trusted Contact?

This investment account question is vital and answered as early as possible.

FIRE Retirement

FIRE Retirement

This short, informative article teaches the basics of the FIRE movement.

Understanding Marginal Income Tax Brackets

Understanding Marginal Income Tax Brackets

An inside look at how marginal income tax brackets work.

 

Have A Question About This Topic?







Thank you! Oops!

Emotional vs. Strategic Decisions

Information vs. instinct. Are your choices based on evidence of emotion?

Insurance Needs Assessment: When You're Young and Single

Even if you’re young and single, you should still consider protecting yourself.

Fallen Tree Damage—Who Pays?

Your liability for damages that occur when a tree on your property falls on your neighbor’s property is not clear cut.

View all articles

Should I Buy or Lease an Auto?

This calculator compares the financial impact of leasing versus buying an automobile.

Federal Income Tax

Use this calculator to estimate your income tax liability along with average and marginal tax rates.

How Compound Interest Works

Use this calculator to better see the potential impact of compound interest on an asset.

View all calculators

What Can a Million Dollars Buy You?

$1 million in a diversified portfolio could help finance part of your retirement.

The Fed and How It Got That Way

Here is a quick history of the Federal Reserve and an overview of what it does.

Charitable Giving: Smart from the Heart

Do you have causes that you want to support with donations?

View all videos