Perhaps the greatest worry for those in, or near, retirement is whether they will be able to afford rising healthcare costs, particularly unplanned out-of-pocket expenses. This fear looms large for many retirees who are afraid that a poor medical diagnosis threatening their health also could jeopardize their financial wellness.
Perhaps the greatest worry for those in, or near, retirement is whether they will be able to afford rising healthcare costs, particularly unplanned out-of-pocket expenses. This fear looms large for many retirees who are afraid that a poor medical diagnosis threatening their health could jeopardize their financial wellness.
These concerns are not without merit, yet a closer look reveals a different picture: healthcare expenses for many retirees are a small percentage of total spending and are far less variable than most people think, making them easier to plan for than conventional wisdom suggests.
However, two healthcare-related risks dramatically increase spending variability in retirement—long-term care events and longevity. Research shows that retirees who insure these two important risks with LTC insurance and income annuities are generally happier, more confident, and have an overall higher quality of life because doing so affords them the ability to spend more freely than those who don’t.
Speaker:
Nick Halen
Corporate Vice President, Strategy, New York Life Annuities
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