5 Pillars of Retirement Planning — Health

The retirement you want takes careful planning. We believe one of the five pillars of a healthy retirement plan is making sure you have reliable health care.

$285,000 Per Couple

Your health is vital for a full life. Perhaps even more important than the retention of wealth in retirement is the retention of your health. Why? Because if you don’t take care of your health, you won’t be able to travel, spend time with your loved ones, or have the ideal retirement you always dreamed about.

The problem is that taking care of your health is also a costly part of retirement. The average retired couple spends $285,000 in medical expenses, not including long-term care.¹ I think we can all agree the United States health care system has at least a few issues.

The reason for those high costs is another issue for another day. The question is how are you going to deal with those kinds of expenses?

Prioritized Health = Reduced Risk

One of the best things you can do is try to prevent heavy health care expenses altogether. Taking care of your health before you hit retirement turns out to be some of the best medicine money can’t buy.

That means eating better. It means exercising more. It means going to the doctor for regular check-ups. It means being smart about how you spend your energy later in life.

But we all know life happens. Even if you are the healthiest person in the world and do everything right, there’s always a chance you could still be injured or come down with a serious illness. At the very least, you’ll be getting older, right?

We Prepare for Worst-Case Scenario

Because no matter how well you take care of your health, something could still happen, so we at Hoffman Financial Group make sure to help prepare for the worst-case scenario. That does not mean you have to live like the worst-case scenario is going to happen — that’s called fear.

What it does mean is that we sit down together and figure out a plan for what we would do should some of the worse things happen. That plan may cover health care, Medicare, Medicaid, deductibles, copays, long-term care, and everything in between. Once we have this plan drawn out, you’ll be surprised how much you don’t have to live in fear anymore. Instead, you can live with courage knowing you have a plan.

Our goal is to help protect your retirement from taking a hit because of medical expenses, so you can live a happy and healthy retirement. The Hoffman Financial Team excels at this, and we would love to help you create a plan today!

¹ https://www.fidelity.com/viewpoints/personal-finance/plan-for-rising-health-care-costs

If you want to hear about the other four pillars of retirement, click below to schedule an appointment with one of our advisors!