Healthcare costs put a big squeeze on retiree pocketbooks, but the grip may be relaxing a bit. A 65-year-old couple retiring this year will need $220,000 to pay for healthcare for the rest of their lives, an amount that is eight percent less than a year ago, according to a Fidelity Investments report issued Wednesday. [...] Read the full article…
The cost of health care is a key wild card in any retirement plan. Out-of-pocket spending can vary widely, depending on longevity, health status, and income–even where you live makes a difference. But most estimates on retirement health-care costs don’t factor in an even bigger challenge: paying for long-term care. Experts estimate that 70% of [...] Read the full article…
A growing number of families are supporting both adult children and aging parents. As if there weren’t enough variables to consider when planning for retirement, throw this into the mix: Fifty-two percent of parents over age 45 expect to financially support their adult children, and 35 percent expect to do the same for grandchildren, according [...] Read the full article…
Robin Brewton, who advises clients on Social Security benefit strategies, has boosted retirees’ financial security with a single question: Are you divorced? It is a little-known fact: If you’re divorced, it’s possible to claim Social Security spousal and survivor benefits from your ex. It is a strategy that can dramatically boost your benefits – and [...] Read the full article…
“What if I never need long-term care?” That’s one of the biggest buyer objections to purchasing long-term care insurance (LTCI), and it was a big topic of conversation among Morningstar readers after my last column on buying tips for long-term care insurance. It’s an understandable concern because LTCI is costly. Now, an alternative approach is [...] Read the full article…
