Month: March 2024
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
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