No one wants to think about needing extended healthcare after retirement, but it’s an important factor in planning for retirement. Without setting aside funds for extended healthcare now, you may find that, when you’re in need of extended care in the future, you won’t have the funds or insurance to afford your healthcare needs on your own. Rather than leaving your healthcare to chance, come to DunnCreek Advisors to begin planning your investments in extended healthcare. Our St. Paul, MN extended care investment advisors can help you ensure that when you reach retirement, no matter what happens, you’re prepared for any healthcare needs you may have now or in the future.
Importance of Post-Retirement Extended Care Investment
Although few people want to think about their healthcare needs, let alone extended care after retirement, 70 percent of Americans over 65 can expect to need some form of extended healthcare in the coming years. In fact, by the year 2030, over 18 million people over the age of 65 will be dealing with a disability. Regardless of these statistics, though, wouldn’t it be best to know that, no matter what happens to you later in life, you will be prepared? Whether you use the money you invest in extended care or have leftover savings to pass on to heirs, charities, or otherwise, you can never invest too much. Simply by saving for your own future healthcare needs, you can save your family the money and worry of paying for any extended care needs you may not be able to afford if you don’t start saving now.
Post-Retirement Healthcare Investment Strategies
When beginning to plan for post-retirement extended care investments, it’s important to consider the different possible investment strategies you could use to bolster your retirement savings. With the right extended care investment plan, you can easily start saving today and create a plan for any expected or unexpected post-retirement healthcare needs. When forming your extended care investment plan, you should consider the following:
- On average, women live five years longer than men. If you are a woman who may need extended care after your partner has passed, you should consider that possibility when setting up your post-retirement healthcare investment plan.
- Healthcare costs fluctuate, but they are now higher than ever. Rather than planning your investment into extended care based on the cost of healthcare today, plan to save more. It is likely that the cost of healthcare will increase, so by aiming to save for higher costs, you can ensure that you don’t come up short with your estimations for healthcare needs.
- There are many ways to save or plan for extended care needs, including health insurance, riders on life insurance, fixed annuities, and self-funding through savings.
To learn how you can make sure you invest enough in potential extended care needs after retirement, contact DunnCreek Advisors at 612-436-3770 or rdunn@dunncreekadvisors.com. Our St. Paul, Minnesota extended care investment professionals will walk you through what costs you can expect to incur during retirement and how you can invest in your future today.