KEEP YOUR WEALTH AND YOUR HEALTH
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!
Let’s face it: nobody dreams of spending their golden years worrying about doctor visits or medication costs. Retirement is supposed to be about enjoying yourself—whether that’s traveling the world, picking up a new hobby, or finally taking up pickleball.
But here’s the reality check: healthcare is a big expense that often catches retirees off guard.
Even if you’re the picture of health, those years can come with some unexpected bills.
Medicare is a great help, but it’s not a magic wand. It doesn’t always cover everything, and that’s where your savings might have to step in and fill the gaps.
How Much Will You Need?
Let’s put it in perspective: on average, a 65-year-old will need around $165,000 to cover healthcare costs throughout retirement.
And if you or a loved one needs long-term care, that number can rise even higher. Imagine paying for a private room in a nursing home in 2030—it’s estimated to run about $141,444 per year!
And don’t think Medicare will handle it all; it only covers about 18.2% of long-term care services.
Why Does This Matter?
It’s like planning for a road trip: you wouldn’t hit the open road without a spare tire, right?
Similarly, planning ahead for health expenses means you won’t be left stranded when life throws a curveball.
Whether it's a few weeks in rehab after a surgery or more extensive long-term care needs, setting aside a portion of your retirement plan for healthcare expenses can keep you on track.
A Few Things to Keep in Mind:
Take Control of Your Future
Thinking about these costs isn’t the most glamorous part of retirement planning, but it’s crucial.
A little preparation now can keep your finances healthy—and your peace of mind intact—so you can focus on living your best retirement life.
After all, wouldn’t you rather spend your days exploring a new hobby or booking that dream vacation instead of worrying about medical bills?
Are you prepared?
Vice-President, 1st Atlantic Brokerage
1 个月This part of retirement planning needs to start before your current health or having a parent diagnosed with dementia affects your planning. For more affordability and greater leverage against the Cost of Care, you'll want to get your plan started in your 50s. This does not mean that your plan is fully funded. It means that you don’t have to worry about a change in your health or a dementia diagnosis in a parent affecting your ability to get the most out of your benefit dollars. This planning should include discussions about your future short-term care needs after surgery or illness. It should include how you see family members participating in your care as well as how they get paid for extended periods of care. Especially, if you want to receive care in the comforts of your own home.
Business Mindset & Alignment Strategist ? Creating communities for entrepreneurial women to prioritize work-life harmony. Overcome overwhelm. Radiate confidence. Use stress as a strategy for success!
1 个月Betty Pecha Healthcare costs are often underestimated in retirement planning. My mother started showing signs of dementia in her 50s, needed memory care long before we anticipated, and passed away at 61, before reaching retirement age. This experience underscores that it’s never too early to start planning for these expenses. Proactive steps today can ensure a smoother future.
7-Figures Ain’t What It Used To Be| 40% of High Earners Face Low Profit and Fulfillment| We Breathe New Life into 7-Figure Businesses | Author of Profit Psychology| Burnout Recovery Expert| International Speaker| JW
1 个月Betty Pecha You're absolutely right—no one envisions their retirement being overshadowed by medical bills or endless doctor visits. It's a time to enjoy the fruits of a lifetime of hard work, whether that’s exploring new places, embracing hobbies, or spending quality time with loved ones. But the reality is, health expenses can sneak up on us, and it's smart to be prepared. Planning now for those potential costs not only secures your financial future but also gives you the peace of mind to truly enjoy the freedom retirement promises. A little foresight today means fewer worries tomorrow!
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1 个月Betty Pecha healthcare can really take a bite out our retirement. What financial vehicles do you recommend to protect against erosion from healthcare?
Passed Over & P*ssed Off? | Guiding Women Director/Senior Directors in Fortune 1000 companies to be Visible & Valued | Keynote Speaker | Executive Career Coach | Presentation Skills Trainer | Former Opera Director
1 个月Wow, Betty Pecha. This is an important - and scary - reality check. I have heard that disability insurance stops paying after a certain age. Is that true?