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October 22, 2019
Advances in modern medicine have made it possible for people to live much longer than ever before. Of course, this is great news. However, a longer life also heightens the risk of running out of money in retirement. This, combined with ever-increasing healthcare costs, paints a potentially dismal picture for many retirees.
Indeed, healthcare spending has reached over $3.5 billion in the U.S., which is more than $10,000 per person. To put this number into context, the amount we spend on healthcare in this country currently accounts for 18% of the nation’s GDP. And, things are only getting worse. Research from Fidelity shows that the average retired couple at age 65 may need approximately $285,000 saved (after tax) to cover healthcare expenses in retirement.
While it’s often safe to assume that living expenses decrease in retirement as mortgages are paid off, children move out on their own, and general downsizing starts to take place, healthcare expenses are moving in quite the opposite direction. Consequently, most people would be best served to start planning sooner rather than later for the potentially excessive healthcare costs they’ll face down the road.
What does this mean for the average American? For starters, planning for healthcare is now inextricably linked with long-term wealth management. However, by implementing certain healthcare strategies now, it will be easier to make better decisions in the face of a complex and evolving healthcare system.
To learn more about the healthcare strategies you and your family should be putting into place, read the full article, “Navigating a Changing Healthcare System,” in the Fall issue of The Advisor.
To listen to the podcast from the interview of this article, please click below.
Becky Milliman is a senior wealth strategies professional and fiduciary representative for CIBC Private Wealth Management in Chicago, with 19 years of industry experience. In this role, she is responsible for the development of integrated wealth management plans for clients and provides the fiduciary administration for individual trusts and foundations. She also sits on the firm's Trust Discretionary Committee.
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