Category: Healthcare
Keep healthcare in mind when planning your retirement
If you're anything like most Americans, healthcare costs can be a big concern when you're planning for retirement. That's why it's essential to keep them in mind as you're getting ready for your golden years. One common error we notice is people assuming their healthcare expenses will be covered by Medicare in retirement. The truth is, a single 65-year-old could need approximately $157,500 saved after tax to cover health care expenses in retirement, according to a report by Fidelity. And that number jumps to $315,000 for an average retired couple age 65.1 Those figures hinge on various factors such as your work duration, retirement timing and location, health condition, and life expectancy. Nonetheless, it could serve as a valuable target to strive towards. Another common pitfall we notice is the consistent underestimation of the need and the costs associated with long-term care. Although the extent of long-term care required varies for everyone, data from the Administration on Aging paints a striking picture: at least 70% of individuals aged 65 or older today will inevitably find themselves in need of some level of care. Every year, Americans are shelling out a whopping $475.1 billion for long-term care. Surprisingly, Medicaid only covers 42% of these costs. This means you'll probably be responsible for a significant portion of the bill, making it crucial to plan ahead. Another important thing to note is Ohio's latest updates regarding
Planning for Long-Term Care
Many people don’t know that over 69% of people turning 65 this year will need some sort of long-term care at some point in their retirement. Our firm specializes in planning for and managing retirement for private and institutional clients, and our clients often require advanced planning to protect their assets. First of all, it’s important that you have an elder law attorney. Elder law is a niche area of legal practice covering estate planning, wills, trusts, retirement healthcare planning and protection of assets. A good elder law attorney can help advise you on all these areas. The right planning starts with the right documents, especially the Power of Attorney. The power of attorney law changed in Ohio in 2012 to the Uniform Power of Attorney Act, and many powers of attorney documents don’t conform with this legislative change. We highly recommend for anyone with a power of attorney written prior to March of 2012, that you have that document reviewed to determine if it meets the new criteria. Another important aspect of elder law is retirement health care planning. For example, most people under 80 don’t have pensions, and their net worth is primarily invested in IRA’s and 401(k)’s. These assets present a difficult challenge when planning. For those individuals, a leverage strategy using annuities and/or life insurance with long term care benefits can be very effective. Traditional long-term care insurance is no longer the on
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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