Tips for planning your retirement: Health care expenses and housing plans

LONGMEADOW, Mass. (Mass Appeal) - There are ten things you should know when planning your retirement. Each week we'll share a new tip with you. This week, Dylan Bond, Owner of Bond Financial Services , explained part two to us, health care expenses will increase.

Bond Financial Services
171 Dwight Rd, Longmeadow, MA 01106
info@bondfinancialservices.com
(413) 754-4747
BondFinancialServices.com
 

10 Things You Should Know When Planning Your Retirement Income:

Tip #2. Health care expenses will increase

• In a recent Retiree Health Care Costs Estimate study that a 65-year-old couple retiring this year with Medicare coverage will need about $240,000 to pay for medical expenses throughout retirement, excluding nursing-home care.
   
• In 2011, 74% of American employees had not considered a plan to cover health care expenses in retirement.
   
• When creating a retirement income plan, it's important to consider that a couple's retirement assets may be diminished by the health care costs for the spouse who dies first.
   
• Seniors spend nearly as much money on health care services and prescription drugs as they do on food.

Tip #3. You'll Need a Housing Plan (or Two)

• Home values across the country have dropped in the last few years, this may impact you in several ways.
   
• Your home may no longer provide as great a backup retirement income as you have anticipated.
   
• The rate of house appreciation is likely to revert closer to the long-term norms of .75 to 1% per year over the rate of inflation - not double digit annual increases.

Upcoming Investment Seminars - "7 Fundamental Strategies to NOT Outlive your money":

Designed for people 50 and older with questions about retirement income planning.

Wednesday, February 13th
Leone's Restaurant
320 Cooley St., Springfield

Tuesday, February 19th
La Cucina di Hampden House
1 Allen Street, Hampden

Wednesday, February 27th
La Cucina di Hampden House
1 Allen Street, Hampden

For more information or to make a reservation call (413) 246 - 7608.