Photo Credit Max-Van Den Oetelaar
health problems, talk with your doctor about the possible ramifications that this may have in the future.
There are also the financial implications of this to consider, as well. For example, you might wonder about how you can put insurance to work for you so you can manage costly health expenses as they may arise. If you are looking to buy some life insurance, shop around now to see if there are any insurers that specialize in offering policies to those with the same health conditions as you. If your family has a history of good health and longevity, then some form of long-term care may be required at some point. Starting to plan for this now can help you get ahead for having contingencies for this situation and other changing health scenarios.
3. Calculate Your Monthly Income Needs
One major step to take is related to your income needs for retirement. Using your current spending habits and monthly cash-flow as clue-ins, you can estimate the amount of money that you will probably spend each month in retirement. One common misnomer in retirement planning is that you will spend less in retirement than you do now. But this isn’t always the case. The reality is that you may have to spend even more during retirement than you do now due to higher medical bills or long-term care expenses. You are almost certain to have to spend more on healthcare than you do now. Other amenities such as an assisted-living community can also come at a hefty price.