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Healthcare Concerns in Retirement

How can you prepare financially for the health issues you may face in retirement? What decisions could make a huge difference in your long-term strategy?

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

What You’ll Learn:

Are you one major health issue away from potential bankruptcy? As you grow older, health issues are more likely, so what do you do about paying for medical care? Medicare doesn’t cover everything, so what do you do?

Why is 65 such a popular age to retire? What kind of healthcare plan are you able to get on at 65? Brian talks through what the difference in monthly healthcare costs if you decided to retire early compared to at 65.

Beyond typical medical expenses, are you prepared for the need for a nursing home? For many, there is often a waiting list just to get in, let alone the incredible expense each year. Having a spouse or family member who needs long-term care can be emotionally exhausting, so think ahead of time about how you can protect yourself financially.

After the SECURE Act stripped us of the stretch IRA, what other options do you have? How can a Roth IRA help? How should you view life insurance? How can you pass on your legacy to the next generation efficiently? Where you save your money now will affect your long-term tax planning. Is it in the right spot?

Listen to the entire episode or click on the timestamps below to skip ahead.

Key Moments:

[0:16] – Would one major healthcare issue throw you into bankruptcy?

[1:09] – A lot of people want to retire at 65.

[2:50] – What about the nursing home?

[5:55] – The SECURE Act abolished the stretch IRA. What other options can you use?

The Truth:

“Everything has still got to be long-term: your tax plan, your investment plan, your risk management, your insurance, your estate plan.” – Brian Bowen

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