Financial planning is a comprehensive analysis of one’s financial life that includes setting goals and implementing steps to achieve them. For most people, retirement planning is synonymous with financial planning. Lately, it seems that healthcare planning has become the new retirement planning.
As we sit down with individuals to discuss their plans for retirement, the conversation often starts and ends with healthcare. Talking about optimal asset allocation, Social Security filing strategies, and estate planning are certainly important, but those subjects become moot if the elephant in the room is not addressed……How will my healthcare costs be met in retirement?
SmartAsset’s analysis of U.S. Census Bureau data found that the national average retirement age is 63 years old. Since Medicare eligibility kicks in at 65, there are a lot of people who need to figure out how to procure and pay for coverage for at least a couple of years. Even at 65, decisions need to be made, such as supplemental policies and prescription drug plans. When you throw in the uncertainty coming from Washington regarding the current and future state of healthcare programs, it’s easy to see why the healthcare discussion dominates during the retirement planning process.
Should you have questions about ways to prepare for healthcare costs during retirement or want to know more about a comprehensive retirement plan, please feel welcome to contact me directly at (608) 849-2706 or email@example.com.
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