On this episode of Better Money, Eric Hogarth, CFP® and Kara Sundlun talk about a variety of concerns that workers face when it comes to retirement planning. Some major concerns have to do with Social Security, health care, long-term care, and access to retirement plans.
Social Security Funding Shortfalls
Retirees benefit from some flexibility, therefore should not rely entirely on Social Security. Social Security only makes up a percentage of your pre-retirement income. Other sources of money give the person more control and will allow them to live more comfortably.
Cost of Health Care
It’s not unusual for people to continue working until the age of 65. People in good financial standing will usually work until then or past then to bridge the gap to Medicare; health care can be very pricey to pay separately out-of-pocket.
Solutions for Long-Term Care
When it comes to long-term care, plan for the worst-case scenario. Some find themselves spending hundreds of thousands of dollars on care in retirement. Have a conversation about what you might have to do when you’re retired and consider buying insurance to help with costs.
An important question to consider is, “Am I going to have enough money to live like I want to live for as long as I live?” Start with a conversation to find out if you are in a good financial spot and if you are being realistic about how your retirement will look. Another factor to consider is your family and if you would want to leave something behind for them.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
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