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.

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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.'

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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

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