Broker Check

The Biggest Risk to Retirement Income

November 02, 2022

For current retirees and those nearing retirement, healthcare costs are expected to pose the single greatest risk to income in retirement. A recent study reports that a 65-year-old couple retiring in 2019 can expect to spend $285,000 in healthcare and medical expenses throughout retirement. For single retirees, the estimate is $150,000 for women and $135,000 for men.*

When custodial care is factored into the healthcare equation, costs can quickly skyrocket well above average projections. When planning for your healthcare needs in retirement, it’s important to keep in mind that Medicare, Medicare supplement plans, and private medical insurance don’t cover long-term in-home maintenance or nursing care.

How Can You Plan Ahead?

Long-term care (LTC) insurance was developed to fill this void and help retirees manage the impact of rising healthcare costs. The right policy and coverage can help protect the income you and your spouse rely upon in retirement to maintain your lifestyle and choose the type of care you prefer—when and if you need it. If you’re considering long-term care insurance, now is the time to learn more. Typically, the younger you are when you purchase the policy, the lower the monthly premium.

If you’re wondering whether long-term care insurance or another strategy may be right for you, reach out today. We’ll talk about the different alternatives available to help you prevent a lifetime of assets from falling short when you need them most.

*Fidelity Retiree Health Care Cost Estimate (