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Planning For Healthcare In Your Retirement Years

Think Agency

After years of hard work, retirement is right around the corner. The house, cars, and children’s education are all paid off. You are in good health and all there is left to worry about is your next big vacation. Or so you think. While all of your financial goals appear to be checked off, one major component of a well-planned retirement is a financial checkup. A financial checkup is necessary to ensure you will be able to afford your doctor visits and additional healthcare needs long after you are retired. Paying for healthcare is one of the biggest challenges you will face in retirement — are you ready?

Retirement Income and Savings

In order to properly calculate your cost of living after retirement, you must factor in your healthcare needs. According to the Employee Benefit Research Institute, A 65-year-old couple, both with median drug expenses, would need roughly $300,000 to cover health care expenses (excluding long-term care) in retirement. This number catches many by surprise, but a review of your financial resources with a financial planner will put you on the path of success.

To ensure you have enough of a nest egg to meet your healthcare needs, you will need to evaluate your personal savings, social security benefits, company’s retirement plans, investment strategies and 401k or IRA plan. Knowing exactly how much you need to save to live comfortably will allow you to smoothly transition from the workforce to retirement.

Estate Planning

Another way to help you ease into retirement is to put all of your plans on paper and keeping your estate planning documents up-to-date. It is important to have your wants and needs documented in the unfortunate circumstance that you are no longer able to express your desires. Setting up a living will, designating a healthcare proxy, updating beneficiaries and naming a financial power of attorney are all key factors in estate planning. Equally important, with these guidelines in place, you will be set up for success as you follow your healthcare plan for your life after the workplace.

Health Insurance Cost

Another important part of planning for healthcare in your retirement years is to take a deep dive into health insurance costs. Are you able to continue on your employer’s healthcare plan, or will you be required to enroll in Medicare? Should you enroll in your employer's health plan, with Medicare serving as your Plan B? These are a few questions you must have answered.

You should also have a long-term plan to relieve stress and provide added comfort for both yourself and any potential family caregivers. With a long-term plan (also known as custodial care) you can benefit from hospice care, respite care, assisted living, rehabilitation therapy and skilled nursing. Long-term planning is the premier way to ensure you have the best quality of care available after retirement.

Life After The Gold Watch

There are a lot of major changes that take place with the arrival of retirement. A thorough healthcare plan will allow you to smoothly navigate those changes, address potential issues and relax knowing your financial needs are all taken care of. For a detailed healthcare plan catered around your retirement needs, speak with the knowledgeable representatives at American Financial Advisors today.

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