Health Care Cost CalculatorWhat will it cost you to retire?
Imagine not being able to cover your health care costs
Health Care and how to cover the cost is a highly political and sensitive issue. Regardless of politics there are a few facts that we all know about retirement and medical expenses:
- 1. Our medical expenses increase as we age.
- 2. Our prescription costs increase as we age.
- 3. Medicare will not cover all our needs as we age.
- 4. We need supplementary insurance beyond Medicare.
- 5. We need to have savings to cover medical needs.
One underlying fact that we all know, we cannot count on the Government, insurance companies, pharmaceutical corporations, or the medical industry to take care of us as we age.
Most of us do two of the same things:
- 1. Ignore the upcoming reality of aging.
- 2. Don’t save for and greatly underestimate the expense of medical costs.
In fact, in a recent AARP survey, only 1 in 3 Americans over 50 have even tried to estimate their future medical costs. When they were asked to give an estimate, they were way off. A survey showed that adults between 50 and 64 thought that they would need less than $100,000 to cover out-of-pocket health costs. The reality is, that a closer estimate for a married couple retiring at 65 would be $250,000 in medical costs not covered by Medicaid or supplementary insurance.
There are ways where you can lower these expenses:
- 1. Stop smoking if you do
- 2. Lose weight if you needed
- 3. Healthier diet
- 4. Exercise
Even still, age equals higher health costs
At RGG we feel understanding the impact your health costs will have on your retirement is very important. We did not feel reinventing the wheel was important. AARP has an excellent Health Care Cost Calculator.
We think everyone should take it.
It is important to understand how to preserve your wealth and protect your retirement with assets that will be there when you need them when you retire.
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