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Retirement Read Time: 2 min

Money that Buys Good Health is Never Ill Spent

A retired couple age 65 can expect to need about $315,000 saved to cover healthcare expenses in retirement. With healthcare expenses in the spotlight, it’s incumbent upon us to make sure our retirement strategy anticipates these costs.1

But that’s not enough.

Remember, healthcare coverage (including Medicare) typically does not cover extended medical care. And it’s a prospect we shouldn’t overlook. About 70% of people will need extended care at some point in their lives.2

These annual costs can range widely based on geographic location and the type of care required. An assisted living facility will cost over $85,000 per year in Alaska. In Oklahoma, it would cost around $49,000 a year. When retirees were surveyed, almost one in five reported that extended care costs were higher than expected.2,3

Finally, you may want to consider a Medigap policy, which may help cover some of the healthcare costs not covered by Medicare.

Making sure that you are properly insured for your medical costs may help strengthen the foundation of your retirement.

1. Fidelity.com, April 2023
2. Genworth.com, 2023
3. EBRI.org, 2022

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

Check the background of your financial professional on FINRA's BrokerCheck.

Avantax affiliated financial professionals may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state. Securities offered through Avantax Investment ServicesSM, Member FINRA,SIPC.  Investment advisory services offered through Avantax Advisory ServicesSM, Placing business through Avantax Insurance AgencySM and Avantax Insurance ServicesSM. CA insurance # 0J20148. The Avantax affiliated companies exclusively provide financial products and services, and do not provide or supervise tax or accounting services.  This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.

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