Picture a calm retirement: hammocks and cool drinks. But what if the funds start running low? Here’s the lowdown:
- Ready for Long-Term Care?
Reaching 65 means there’s a decent chance you’ll need long-term care. And, um, it’s kinda expensive. Like, $54,000 a year in 2021 expensive.
No sweat, though! You’ve got options like insurance and annuities to cover you. The trick? Link up with someone who’s clued in on long-term care planning.
- Banking on 20 More Years? You Might Need More…
Turns out a lot of 65-year-olds could be hanging out till 90. So, if you planned for 20 retirement years but end up needing 30, it’s time to revisit the plan.
Helpful hint: Check out Livingto100.com and see what it predicts for you. Also, shake things up with multiple retirement income sources.
- Got Cash for Health Stuff?
Healthcare’s not cheap. Some of us could be looking at dropping $250,000 or more. And couples? If they started retirement in 2022, they’d likely need about $315,000.
What’s the move? Factor in these hefty costs when you’re drawing up your retirement blueprint. And once you’re there, go for the Medicare plan that fits like a glove.
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