Are you as prepared for potential medical costs as you should be? How can you be sure? David breaks it down in today’s podcast.
After listening to prior podcasts, listeners sent in questions for David to dive in deeper. We covered three questions in last week’s episode and cover two more today on today’s podcast.
Susan says after hearing part three of what you must understand before retirement she wondered about saving for medical care. If her financial plan should include future medical expenses and maybe nursing care when in her 80s, what does she need to save now while in their mid-60s and likely 15-20 years away? How do they figure out how much to set aside in their plan for medical expenses?
David says to be sure to plan for inflation, especially when it comes to medical care. If you or your spouse needs care, estimate what it would cost in today’s costs and then add in inflation from there. David applies the rule of 72 to project the costs. Do you have the money to cover it? If not, consider your options to cover your care.
Bill will retire in six months with a pension. He’s thinking of rolling it into an IRA and then buy an annuity with it. Is that a good idea? This is definitely an option. David explains some of the benefits of doing a rollover like this and the control you get. The rollover then becomes an asset of your family if you were to pass away. Consider though what kind of annuity you plan to buy.
What happens in up markets or down markets? How much will you be able to manage that asset? How protected do you want that asset to be? Working with a financial advisor could help you make the right decision as you enter into retirement with a pension.
“Adding in inflation factor is super important.”
– David Dickens
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CONTACT US
OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
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