In the early 1900s, the average life expectancy was about 50 years old and the U.S. life expectancy continues to rise. According to the National Center for Health Statistics, the average life expectancy in 2015 was age 79. So how does this play into your retirement?
If a 65-year old individual can expect to live an additional 20 some years. You could potentially outlive your savings and you may have to adjust investment strategies as longevity is changing the face of retirement.
Living longer translates into seniors having more time to do the things they want as well as, an opportunity for health care expenses to emerge which can impact your retirement savings.
A 20-year retirement has changed how people envision their retirement years. Many of the families I work with are continuing to work rather than leave the workforce at age 65. Many enjoy having a purpose and enjoy life more when they are working. There are additional benefits as well, with most employers providing healthcare benefits. To give some insight into cost the monthly cost for a semi-private room in a Michigan nursing home is $8,562.001.
While healthcare in retirement may have some staggering numbers and Medicare will not cover out-of-pocket expenses for nursing home care, ADLs (Activities of Daily Living) it’s important to plan on the health and medical costs in your retirement years.
As you plan for retirement and healthcare expenses – however long it may be. Secure Investors Group is here to help with understanding about how paying for healthcare fits into your overall retirement income planning efforts as American’s are finding the largest expense in retirement is their healthcare.
1. https://www.seniorliving.org/nursing-homes/costs/
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