Living longer sounds fantastic considering that some baby boomers have this beautiful view of what the golden years are, with vacations and activities with friends and loved ones as key highlights to look forward to.
Yet longer years also mean more expenses to consider, with health care costs related to aging as one of the top priorities to consider. As we’ve pointed out in our previous article, Medicare Supplement Insurance: Financing Your Future, a Medigap policy is a reliable solution for these expensive health care issues.
And also, we’d like to share some tips on how boomers can approach the twilight years, by placing longevity as a key factor in their retirement plans.
According to the World Health Organization, life expectancy greatly increased to an addition of two or three years in a given life span for every decade over the last two centuries. The substantial increase in years to one’s life can be seen with approximately 72,000 individuals over the age of 100 living in the country today.
Now, consider the rising costs of care today – as cited by the Centers for Medicare and Medicaid Services, national health spending has a projected rate of 5.6% growth per year ( from 2016 to 2025). With higher costs of care and other expenses to consider during the golden years, it’s no wonder why most people cannot seem to get a secure foothold on their finances.
Either with insufficient funds from a source of income to manage or underestimating expected costs during retirement, most boomers face financial turmoil during their tomorrows.
And this is why seeing the retirement years through a different set of eyes will help one save, earn, and manage their finances practically and efficiently.
Retirement today may still be a time of travels and recreational activities with friends. But this period does not mean you’ll just kick back and relax.
Consider these options:
More boomers are working even during the retirement years. And there is nothing wrong with this. Work is a noble act and allows one to have a steady flow of income. Also, there is a lot of work offered today for boomers – from consultancy to work-from-home jobs; earning money during the twilight years is possible!
The best way to prepare for retirement is to always consider longevity as a factor. Make the necessary adjustments as early as today to save that extra dollar for your savings account. If possible, seek out other forms of income to hit your retirement target. More than saving, you must also have an earning mindset to secure a bigger nest egg for retirement.
Aside from the mentioned points above, learning more about the different health care options that you can take advantage will allow you to create a retirement plan that’ll focus on longevity. As mentioned in a FreeMedSuppQuotes article, Turning 65? Consider These Health Care Options, living longer can be addressed through these suggestions:
Custodial care is expensive but needed service that most people age 65 years and above are expected to receive. As such, consider purchasing a Long Term Care Insurance (LTCI) plan to help pay for these services.
Insurance premiums are expensive. An alternative health care option to insurance policies is Direct Primary Care (DPC). Instead of being charged increasing premium rates, patients are charged by their physicians a flat rate for all the services that they expect to receive.
Low income individuals can rely on Medicaid to address their health needs. Please contact your local government representatives about this option.
Focusing more on Medigap as a health care option for retirement longevity, this insurance works well also in giving policyholders the peace of mind that their health and wealth needs are addressed. With ten standardized plans, applicants with living longer in mind can select a policy that will best meet their unique needs and preferences. Please opt to request for a Medicare Supplement Insurance quote today to get an idea of how much you need to set aside for coverage.
We hope that you get to change the way you plan for your future. Please leave a comment below if you have any questions.