When most people think about retirement, they envision the enjoyable years of travel, hobbies, spending time with family, and pursuing interests they may have postponed during their working careers. Financial planning often focuses on accumulating assets and generating income to support this lifestyle. However, many retirees eventually enter a final phase of retirement that receives far less attention: the elder care phase. This period often involves increasing medical expenses, prescription drug costs, home healthcare services, assisted living communities, memory care facilities, and nursing home care. For many families, these expenses become the single largest financial challenge they face during retirement.
By Kevin Flesch The adage “If you want something done right, do it yourself” holds true in specific situations. And when it comes to long-term financial planning, relying solely on family or federal programs like Medicaid and Social Security might leave you exposed to gaps in coverage and inadequate funds for long-term healthcare. We believe […]
By Donald Albach As you approach retirement, a host of new decisions must be made, and some of the most confusing can be around Medicare. Determining when and how to enroll in Medicare can be a challenging task, even for the most knowledgeable retirees. With Part A, Part B, Part D, Medigap plans, Medicare Advantage […]
As a healthcare professional, you’ve dedicated yourself to providing the best care possible for your patients. Now it’s time to turn your attention to your own long-term financial health. Planning for your retirement should be a top priority so you can work towards a stable and comfortable retirement. Yet a number of things have changed […]
With market volatility and inflation affecting people’s finances, talk about investment strategies and portfolio longevity seems to dominate retirement planning conversations. But we feel one of the most important aspects of retirement is often overlooked in these conversations: healthcare costs. There are many unexpected costs in retirement, but healthcare can be one of the largest […]
Even though you’re a long time away from needing long-term care, now is the time to plan. An estimated 70% of Americans currently age 65 will need long-term care at some point, and costs can be staggering.[1] If you have a 70% chance of needing long-term care, you should think about how you would like […]
One of your largest retirement expenses could be your healthcare costs. An average 65-year-old couple retiring today will need an estimated $300,000 to cover their healthcare costs, according to a recent study.[1] Although we believe good health is priceless, it could cost you in retirement. First, know what you can do during the Medicare Fall […]
People are retiring differently today than in the past – just think, will you retire exactly like your parents did? Probably not. Retirement is no longer about the end of a career; it’s about the beginning of a new, often quite active phase of life that could last decades. And while this is something to […]
