Healthcare Costs Continue to Rise …
Do You Need to Worry?
Fidelity Investments estimates that a 65-year-old couple retiring today will spend approximately $280,000 on healthcare during retirement. This is an increase from their 2016 estimate of $260,000, and it highlights the fact that healthcare costs are likely to keep rising as time goes on. If the price of healthcare can increase by $20,000 in just two years, how is the average retiree supposed to afford these kinds of costs? Believe it or not, the situation isn’t as hopeless as it might first appear. First, there are many different types of accounts you can use to cover healthcare costs. Think 401(k)s, health savings accounts (HSAs), flexible spending accounts (FSAs), and even Roth IRA accounts. Plus, there are many investments that could also fit the bill, including life insurance and certain annuities. With a knowledgeable retirement-focused fiduciary advisor, identifying a plan that will work for you is the easy part. The challenge comes in committing to a budget that will cover current and future healthcare costs. Advisors suggest at least 5 to 15 percent of any money you contribute to a long-term retirement account be earmarked for healthcare expenses.
Medicare might not cover your every health need, but it’s a big help. At Wolf Retirement Navigation, we strongly encourage clients to enroll in Medicare when they become eligible. Most people can apply for Medicare six months before they turn 65, which means they can start receiving Medicare benefits on their 65th birthday. Medicare Part B premiums for new enrollees start at $134.00 per month and can be as high as $428.60 per month, depending on your income earned that year. Many Medicare supplemental and advantage plans are available as well to help offset costs that parts A and B don’t cover. What’s more, the annual wellness visits and health screening covered by Medicare can do a lot to help you stay healthy. Addressing minor health issues before they escalate into major problems can save you a pretty penny in the long run. Your team at Wolf Retirement Navigation is equipped to assist you with your retirement needs, including planning for healthcare costs and long-term care, all with the goal of reducing or hedging your overall burden of insurance costs and premiums. The secret is a smart plan and to
plan well in advance. Give us a call at 904-232-8760 and let us introduce you to innovative products that will help you cover all your bases during your retirement years.
In addition to utilizing the right accounts, there are many proactive ways you can save money on healthcare costs.
Adam had the distinct pleasure of speaking to the Calvary Missionary Baptist Church in Palatka, FL, as part of their six-week long series about being financially fit. As Jacksonville’s Retirement Coach, Adam educated and empowered the attendees with
INGREDIENTS
• 4 boneless, skinless halibut fillets, about 5 ounces each • 1/4 cup olive oil, plus extra for drizzling • 1 lemon
• 2 pounds mixed tomatoes, sliced • 1/2 cup hearts of palm, drained
• Basil leaves, for garnish • Kosher salt and black pepper, to taste
Adam with Pastor Demps
DIRECTIONS
1. Lightly oil grill grates and heat grill to medium. 2. Grate 1 teaspoon lemon zest onto halibut fillets. Drizzle with olive oil and season with salt and pepper. 3. Grill halibut, turning just once, for about 5 minutes on each side. 4. In a mixing bowl, combine tomatoes, hearts of palm, juice from lemon, and oil. Season with salt and pepper. 5. Garnish salad with basil. Spoon salad over grilled halibut. Serve.
current information regarding the importance of successfully preparing for retirement — financially — with the goal in mind of a rewarding and enjoyable retirement lifestyle. If you know of a group, church, or other association that would like to host Adam, please call Robin at the office for details and further information. 904-232-8760
2 LOCATIONS TO SERVE YOU! Jacksonville & Fleming Island
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