According to a recent study by the Nationwide Retirement Institute®, 75% of future retirees rank healthcare expenses as a top retirement concern. While 98% of advisors believe that it is important to discuss healthcare with their clients, only 14% feel very confident in their ability to engage in these conversations.
Why the lack of confidence? Perhaps because each person’s healthcare situation is uniquely influenced by factors related to life expectancy, healthcare inflation, retirement location, health status, and income. These variables create a wide range of potential costs.
For example, lifetime medical expenses for a 55-year-old couple retiring at 65 can vary from $150,000 to over a million dollars. Fortunately, innovative enhancements to advisor-facing tools can simplify the process by allowing financial professionals to generate individualized projections in minutes with a few simple inputs.
Join Ron Mastrogiovanni of HeatlhView Services and Phil Lubinski, CFP® of IncomeConductor for an in-depth look at medical expenses in retirement planning.