When envisioning your golden years, you likely have a long list of goals you’d like to achieve, from crossing destinations off your travel list to re-discovering your love of woodworking or photography.
When you’ve saved for retirement with such ambitions in mind, you don’t want to have to use those hard-earned dollars on medical bills. But according to a 2015 report on retirement healthcare costs, a healthy couple retiring at age 65 in the United States can expect to pay upwards of a quarter of a million dollars in expected health care costs throughout retirement — and unforeseen health events can further inflate this number.
Of the health events that tend to prove costly, the ones that top the chart include in-home care, long-term care at an assisted living facility or nursing home, prescription drugs, dental emergencies and prolonged hospital stays.
Fortunately, there are a few steps you can take to help ensure you’re prepared to handle these expenses. Planning ahead can help keep your finances in good shape – especially when working with a financial planner to make sure you’re ready for the unexpected. Here’s what two certified financial planners, Neal Frankle of CreditPilgrim.com and Rich Groff II of TheMoneyMD.com, say are the best ways to prepare in advance.
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