All generations say one of their top fears in retirement is their health care costs getting out of control1.
- BUT -
Only1/3of Americans
feel knowledgeable about how much they'll need to cover health care costs in retirement1.
(35% millennials, 35% Generation Xers, 30% baby boomers+)
Health care is likely to be your second largest expense in retirement, though it’s often overlooked as a planned-for expense.1 Medicare will not cover all your medical expenses, so you will probably need to plan for considerable out-of-pocket costs. Here are some ways to do it:
Continue working
Delay taking Social Security
Work with your financial professional to make sure your withdrawal strategy is appropriate
Manage your investments through retirement
Thinking about early retirement?
Medicare becomes available at age 65, but you may want to retire long before then. If so, you may need to consider other options for covering health care costs. You can:
Explore – talk with your employer about extending your benefits in retirement
Research – If your spouse or domestic partner is not yet retired and you’re eligible for insurance through their employer, you may be able to join their existing health plan
Get a part-time job – Some employers offer medical benefits to part-time employees
Consider private insurance – although this may be the most expensive option, it may cost less than paying an uninsured rate for services
Get education on demand to go deeper into paying for health care in retirement
[1] Nationwide Retirement Institute’s ninth annual Health Care Consumer survey was conducted online by The Harris Poll from May 7 – 26, 2020 among 1,940 U.S. adults age 24 or older.
