Getting to retirement age is often a time that many older individuals look forward to. However, some parties may feel concerned when it comes to the amount of money in their retirement accounts and other savings and what may happen if they face health-related concerns. In fact, even parties with a considerable amount of money saved for retirement feel insecure about their health care planning and the ability to meet their health-related needs.
Massachusetts residents may be interested to know that 73 percent of wealthy retirement-age individuals indicated that suffering ill health was their biggest fear in relation to retirement. This insecurity is understandable as health care costs continue to increase. Parties may expect to spend approximately $400,000 to attend to their health during retirement, which does not include long-term care needs.
Because approximately 70 percent of people over the age of 65 will likely need some sort of long-term case, having an effective plan in place could make a considerable difference. Parties may want to find out more on how they could utilize their retirement accounts to obtain the most benefits. Additionally, looking into long-term care insurance could also be prudent.
Of course, parties can also utilize their estate plans to handle health care planning. There are a variety of estate planning tools that can help individuals plan effectively and work toward achieving the goals they desire. Interested Massachusetts residents may wish to consult with knowledgeable attorneys who could offer personalized insight and advice on how to handle the potential for necessary care during retirement years.
Source: madison.com, "Here's What Wealthy Retirees Fear the Most", Maurie Backman, July 30, 2017