Many baby boomers worry about supporting their adult children. However, it may not be their children who need help. It could be their parents. According to a study from A Place for Mom, 28 percent of Americans are either already caring for their elderly parents or will need to at some point in the future. The same study found that 86 percent of Americans are worried they won’t have the financial stability to do so.1
Americans’ life spans are extending longer than ever, but that longevity can bring big challenges. While living longer is generally viewed as a positive development, it can also lead to an increased need for care and support later in life.
Think you’re fully covered for health care costs in retirement? Think again. According to Fidelity, the average retired couple will spend nearly $260,000 on out-of-pocket health care costs.1 Those costs are for things like deductibles, copays, prescription drugs, premiums and much more. It doesn’t include costs for long-term care, which could significantly increase your health care expenses.
Many retirees assume that Medicare will cover all their medical costs. That assumption is often incorrect. While Medicare is a valuable resource, it usually covers only a portion of your expenses. Some types of care may not be covered at all. That means many retirees face sizable bills that they must pay out of pocket.
A health care funding strategy can help you prepare for these costs and prevent them from derailing your retirement. You may want to consider a health savings account (HSA) as one component of your plan.
Behind on your retirement savings? While you may be feeling some stress about your retirement outlook, you certainly aren’t alone. According to Gallup’s 2017 study of financial concerns, more than half of all Americans are worried about their ability to pay for retirement.1
If you’re behind on your savings, the simple solution is to save more money. However, that may not be possible. After all, there’s only so much money you can put away for the future. You still have to cover current bills and expenses.
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