Even America’s affluent workers are “terrified” of health care costs in retirement but most avoid talking to anyone about those concerns, according to our NRI Fourth Annual Health Care and Long-term Care Study, presented by Harris Poll.
John Carter, president and chief operating officer of Retirement Plans for Nationwide, says this year’s Harris Poll of nearly 1,300 U.S. adults aged 50 or older, found that 69 percent of affluent pre-retirees say their top fear in retirement is health care costs spinning out of control. However, more than half haven’t discussed those concerns with others, including their spouse, children or financial advisor.
“Too many people act like if they ignore the problem it will go away,” Carter said. “Americans are living longer and need to adequately prepare to cover health care costs and other expenses for those years. Not discussing these issues does not mean they won’t happen.”
What you can do
Despite few older adults having had this conversation to date, 57 percent of those who consult with a professional financial advisor plan to discuss health care costs during retirement.
If you’re ready to plan for your own future costs, the first step is to meet with a financial advisor who can run Nationwide’s Personalized Health Care Assessment. This assessment generates a fact-based estimate of what your health care and long-term costs may be so you can build a plan from there.
Financial advisors can visit www.nationwidefinancial.com/healthcare to learn more.
The information collected on the Personalized Health Care Cost Assessment will be kept confidential and used to provide an estimate of a client’s potential health care costs in retirement. The estimate is based on a client’s specific financial situation and goals, as well as their current overall health condition. The client’s financial situation and health conditions may change over time and this may affect their future changes. Please keep in mind that the estimates resulting from this fact finder are for hypothetical purposes only and are not guaranteed.
Nationwide Investment Services Corporation (NISC), member FINRA. The Nationwide Retirement Institute is a division of NISC.
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