The $330,000 Retirement Expense You Can’t Ignore
Betty Pecha
Tailored Financial Planning for Women on the Journey to Security and Abundance. | Empower Your Financial Future: Women's Path to Success! | Envision, Achieve, Flourish!
Welcome back to our February Transition Series! So far, we’ve talked about transitioning your income and spending in retirement.
This week, we’re diving into something just as critical—healthcare.
Because while you’re busy planning for travel, hobbies, and time with family, one thing you don’t want sneaking up on you is unexpected medical costs.
Judy certainly hadn’t given healthcare much thought—until she saw a number that stopped her in her tracks.
?? $330,000.
That’s how much a 65-year-old couple is estimated to spend on healthcare costs throughout retirement. (And no, that doesn’t even include long-term care!)
"I had no idea it would cost that much," Judy admitted. "I thought Medicare covered everything."
Like many women approaching retirement, she assumed Medicare would be enough—but she quickly realized there were gaps she hadn’t planned for.
What Judy Discovered About Healthcare Costs in Retirement:
?? Medicare Doesn’t Cover Everything
Medicare provides a safety net, but there are still out-of-pocket costs to consider:
Judy realized she needed a plan to budget for these costs, so they wouldn’t eat into her retirement savings.
?? Long-Term Care Costs Are Staggering
Then came the real eye-opener.
According to the Employee Benefit Research Institute, 70% of people turning 65 will need long-term care at some point. That could mean:
? In-home care
? Assisted living
? Nursing home care
And the price tag?
By 2030, a private nursing home room is projected to cost $141,444 per year.
"I want to make sure I can afford the care I need without draining my savings or relying on my kids," Judy said.
That’s when she took action.
?? Judy’s Plan for Managing Healthcare Costs:
?? Budgeting for Medicare gaps and researching supplemental plans
?? Setting aside funds for long-term care—either through insurance, savings, or hybrid policies
?? Exploring tax-efficient strategies to cover unexpected medical expenses
Judy’s Big Takeaway?
She realized that ignoring healthcare costs in retirement could be a costly mistake.
By proactively planning, she now feels secure knowing she can cover her medical needs without sacrificing the fun parts of retirement.
Your Turn!
?? What’s your biggest concern about healthcare costs in retirement?
?? Have you factored long-term care into your financial plan?
Drop a comment—I’d love to hear your thoughts!
Let’s Talk!
If you’re like Judy and wondering how to protect your retirement from unexpected medical costs, let’s chat.
I specialize in helping women in transition create strategies to cover healthcare without draining their savings.
Send me a message, and let’s build a plan that works for you!
Executive Assistant
2 周Betty Pecha Eye-opening insights on healthcare costs in retirement! Proactive planning is crucial. How have you factored long-term care into your retirement strategy?
Empowering retired immigrant women to rediscover their passions; embrace new opportunities; and create purpose-driven lives, connections, and fulfillment after retirement.
2 周Medical expenses can be daunting. Are there any other ways to supplement the medical cost apart from Medicare/Medicaid?
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2 周This is SUCH an important conversation. My husband handles this for us but whenever he starts to explain what he is doing to prepare and protect us for the future, my eyes glaze over. I would like to understand it more myself!
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2 周Betty Pecha This is no joke - my wife and I are both in our early 60's and quite healthy. We did the math and last year ALONE we spent nearly $40,000 on healthcare-related expenses. Assuming at least 20 years of retirement, and that adds up to $800,000, not the $330k average you quote. Did I mention we are HEALTHY? Yikes!!