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The Secret to a Relaxing Retirement That's Not a Savings Account

Liz Smith | FEB 7, 2019

While most costs decline during your golden years, retired households spend about $1,820, or 43%, more on health care than non-senior households.

Investing in a company-sponsored or individual savings account is certainly a smart way to prepare, but taking care of your health should be the priority. 

After all, your health is something that sticks with you throughout your retirement, regardless of your financial situation.

3 of the Costliest Health Issues Among American Retirees

1. Heart Disease

The CDC reports that more than a third of U.S. adults have heart disease. In addition to being America’s biggest killer, heart disease is one of the country’s costliest health problems. The cost of heart disease in the U.S. was about $444 billion in 2010 alone. 

2. Cancer

The second most common cause of death for Americans over the age of 65, cancer increases an American’s chance of bankruptcy by 150%. Even cancer patients with insurance face median monthly out-of-pocket costs over $700, according to a 2017 Duke University study. 

3. Dementia

A joint study from the University of Michigan and RAND estimates total dementia care costs between $159 billion and $200 billion per year in the U.S. The majority of costs associated with dementia are a result of long-term daily care, whether by family or in a nursing home. 

Understanding Your Medicare Options 

Medicare is not a one-size-fits-all program. There are several options to choose from once you reach retirement age:

  • Original Medicare: Medicare Parts A and B are the federal-run insurance plans that tackle inpatient costs as well as outpatient procedures and preventive care. 

  • Medicare Part D: Available as a standalone plan or Original Medicare add-on, these programs cover prescription drug costs. 

  • Medicare Supplement: Also known as Medigap, these private insurance plans help people who have Original Medicare cover costly out-of-pocket expenses.

  • Medicare Advantage: Similar to Original Medicare, Medicare Part C refers to private insurance plans that cover everything provided by Parts A, B and D, plus additional services. 

The Secret to A Successful, Healthy Retirement 

Although it has significant implications to your overall financial well-being, personal health isn’t always factored into long-term financial planning. 

financial advisor can help you more accurately estimate your retirement expenses, explain your Medicare options, and develop a savings strategy that’s right for you. 

Chances are, there are several highly qualified financial advisors in your town. However, it can seem daunting to choose one. 

This new tool makes it easy to find the right financial advisor for you. Now you can get matched with up to three local fiduciary investment advisors that have passed a rigorous screening process.

Follow These Steps to Get Matched With the Right Advisor for You

1. Simply enter your ZIP code below.

2. After you enter your ZIP code and answer questions about your financial goals, you can compare up to three top advisors local to you and decide which to work with.

3. Enjoy a better financial future!

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SmartAsset - copyright 2018

SmartAsset - copyright 2018

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