As health care costs keep rising dramatically all of the time, employers are also shifting more weight of the prices onto their employees. Many companies are starting to drop retired workers from their health plans, and on top of that, millions of Americans have no form of coverage at all.
So one of the most common mistakes made in retirement, is not preparing for the financial impact of your health. One of the most overlooked and very expensive costs is long-term healthcare. Long-term health costs can be horrifying to a financial plan, so buying long term care insurance early on can help lower its costs immensely.
A frequent assumption is that you should have enough retirement assets to last you until your life expectancy is reached.
But today, the world is constantly changing. As medical technology increases along with life expectancy, the odds are good that at least you or your spouse will live past age 90. So it’s vital that you are prepared to live longer.
Your generation is famous for working extra long, hard and abnormal hours to try to get ahead. And most baby boomers agree that they will be working long into retirement. But that could be one of the biggest retirement mistakes you make.
Currently, the average age of retirement in America, is 62. According to the Employee Benefit Research Institute Retirement Confidence Survey of 2007, among retirees who had to leave the workforce sooner than expected, 28 percent did so because of disability, 28 percent because of layoffs or corporate restructuring and 25 percent to care for a spouse or family member. So even if you chose to work as long as you can, it might not always be possible and it is essential that you plan and save for something like this.
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