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  • Wen Capital Advisory Group

Money that Buys Good Health is Never Ill Spent

It's important to make sure your retirement strategy anticipates health-care expenses.



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 $87,000 per year in Alaska. In Oklahoma, it would cost around $58,650 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.


CITATIONS:

1. Fidelity.com, June 21, 2023

2. Genworth.com, 2024

3. EBRI.org, 2024


This material does not necessarily represent the views of the presenting party, nor their affiliates. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.


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