Are You Overlooking Key Retirement Costs?
Retirement is a time in life that many people look forward to. It’s a chance to relax, travel, and spend time with loved ones. However, many Americans are overlooking key retirement costs that could derail their plans. According to a survey by the Employee Benefit Research Institute (EBRI), fewer than 50% of Americans have planned for emergency expenses or calculated how much is needed to cover health expenses in retirement. This is a concerning statistic that highlights the importance of thorough retirement planning.
Additionally, the Society of Actuaries found that more than 6 in 10 pre-retirees and 7 in 10 retirees have given at least some thought to their retirement income needs, but many are not adequately planning for all potential costs. From healthcare expenses to long-term care insurance, there are several key costs that should not be overlooked when planning for retirement.
So, what can you do to ensure you are adequately prepared for retirement? Start by creating a comprehensive retirement plan that takes into account all potential costs, including emergency expenses and healthcare costs. Consider working with a financial advisor to help you develop a plan that meets your needs and goals. By being proactive and planning ahead, you can enjoy a worry-free retirement knowing that you are prepared for whatever may come your way.