• Caregiving – It’s possible, at least early in your retirement years, that you could still be a caregiver to aging parents. If so, you might need to factor in these costs to your financial strategy. Later on, you may need some caregiving yourself, such as that provided by a home health aide. So you’ll need to consider these potential expenses.
Your retirement years can be filled with activities and accomplishments. And you can get even more enjoyment from this time of life if you stick to an appropriate longevity strategy.
This article was submitted by Kevin Hill, your local
Edward Jones Financial Advisor.
407-870-5464
• Housing – Once you retire, you may want to review your housing situation. If you’ve already paid off your mortgage, and you like your house, you may want to stay there. But if you’re thinking downsizing, or moving to a more favorable climate, or even purchasing a vacation home, you need to calculate the costs and include them in your plans.
• Health care – As far as health care, consider these questions: What will the treatment of existing medical conditions cost over the long term? Do you know what costs Medicare will cover? Have you thought of how you might pay for a nursing home or other long-term care? This last item is especially important, because the annual average cost for a private room in a nursing home is more than $90,000, according to the 2015 Cost of Care Survey, produced by Genworth, a financial services company. A financial professional can suggest ways of meeting these long-term care costs.