One of the greatest threats to your retirement income is the cost of long term care. Did you know that the government can and will force you to use your CD's, Social Security, pension checks, investments, IRA's, and just about everything else of value to pay for long term care.
But developing an income plan that you can depend on doesn't just mean mitigating against the risk of long term care expenses, it means taking into account the total cost of healthcare in retirement.
What most people don't know is that a 65 year old couple will need to use 59% of their Social Security benefits to cover the total cost of healthcare throughout their retirement. That number jumps to 92% for a 55 year old couple and 122% for a 45 year old couple.
Olympic Golden Retirements is committed to helping people prepare for and live the lifestyle they want in retirement. As part of this commitment, we cover important topics related to financial well-being in, one of which is the cost of health care.
The guide below provided by Nationwide breaks down and simplifies many complex issues around paying for health care in retirement to help you design a financial plan that mitigates the healthcare costs you’ll face.
What to look for inside
HEALTH CARE CHALLENGES
How health care costs add to the risks you face in retirement Page 2
TODAY’S MEDICARE PROGRAM
What Medicare covers and what you can expect to pay out-of-pocket Page 4
YOUR LONG-TERM CARE OUTLOOK
Why long-term care is an important consideration Page 8
Find the right solution for you and your family Page 17
STARTING TO PLAN
The steps to plan for your anticipated retirement health care costs Page 18