More Retirees Spending More Than Planned

Have you planned to save enough money so you can enjoy success and enjoyable future retirement? Many people fail to consider the high costs of health care, including long-term care services. Planning is essential.

Recommend This Page
More Retirees Spending More Than Planned
2 Min Read July 30th, 2020

Who was the first person who used the phrase "Your Golden Years"? The only thing golden about your future golden years may be the number of people who have their hands out waiting to be paid. The Employee Benefit Research Institute (EBRI) 2020 Retirement Confidence Survey shows that one in three retirees are spending more money than they expected. One in ten people are spending much more money than they had anticipated.

The problem is that too many people have underestimated the costs incurred during retirement. Often, they did not plan well in advance to enjoy a successful stress-free retirement. Eighteen percent of those surveyed thought they would spend less than $100,000. Only 26% of retirees planned for a retirement that cost $1 million or more, and 24% figures $500,000 to one million would be needed.

Read more about the survey by clicking here.

Health Costs Often More Than Expected in Retirement

Health costs are usually more than expected. Many people ignore or underplay the risks of long-term care. They either hope family members to become caregivers or that they would not need the care to start with.

The need for long-term care services and supports increases every year both for physical help with daily activities and health issues as well as supervisory care due to memory problems.

The cost of extended care generally increases with higher labor costs. Due to demographics, these costs should continue to rise in the decades ahead. The LTC NEWS Cost of Care Calculator shows both the current and future expected cost of care services.

Preparing Family and Finances for Longevity

Preparing your family and finances for the financial costs and the consequences to your family of future long-term care will reduce the stress on you and your family. Affordable Long-Term Care Insurance will give you access to your choice of quality care – at home or in a facility – without draining your budget and adversely impacting lifestyle and legacy.

There are several types of policies available. You can learn more by clicking here. Be sure to start planning before you retire. Experts suggest doing so in your 40s or 50s when you still have reasonably good health. Long-Term Care Insurance is medically underwritten, so you can't wait until you have substantial health or mobility concerns.

Premiums are calculated in part by the age you are when you apply for a policy along with your health family history, and the total amount of benefits you wish to have in place. Be sure to seek a Long-Term Care Insurance specialist's assistance to help you design and shop for the best coverage.

Click here to find a trusted and qualified specialist.

Prepare your family and finances before your retirement so you can enjoy those 'golden years.'

Recommend This Page

About the Author

An LTC News author focusing on long-term care and aging.

LTC News Contributor James Kelly

James Kelly

Contributor since August 21st, 2017

Editor's Note

Contribute your thoughts and expertise on LTC NEWS. You can write a story for publication on LTC NEWS and let America hear what you have to say. Be sure your article fits the LTC NEWS target audience of adults 40-70.

Topics can include stories on aging, caregiving, health, long-term care, and retirement planning.

There are numerous other related topics, as well. You can even promote yourself, your business, and your website or blog. It must have editorial content exclusive for LTC NEWS and cannot be just an advertisement. It can include links to other sites, and you can share the article link once published on your website or social media.

Sponsored content opportunities also exist, offering you a long-form way to sell yourself, your company, and your ideas.

Email your story idea or article to: newsroom@ltcnews.com or click here.

LTC News Trusted & Verified

Get Accurate Quotes

Work With A Trusted Specialist

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies
man and woman sitting at desk
Connect With a Long-Term Care Specialist

Find Affordable Insurance and the Right Coverage.

LTC News Trusted & Verified
Learn More
Latest
  • Latest

  • Oldest

Everything
  • Homecare

  • Health

  • Government

  • Care Facilities

  • Pets

  • People

  • Lifestyle

  • Insurance

Step 1 of 4

Find a Specialist

Get Started Today

Trusted & Verified Specialists

Work with a trusted Long-Term Care Insurance Specialist Today

  • Has substantial experience in Long-Term Care Insurance
  • A strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies

LTC News Trusted & Verified

Compare Insurers

+

Claim this listing

Fill out this short form

Step Number:

1
2
3

Request Listing Edit

Tell us a little bit about yourself.

Step Number:

1
2
3

Are you a customer of this business, or are you an employee?