An area of great concern for people leaving the workforce is medical expenses. According to research by Nationwide Insurance, after the age of 65 the average person will spend between $255,000–$360,000 for Medicare premiums, supplemental insurance premiums, and out of pocket expenses. Medical expenses will likely be one of the largest line items in your post career budget. Are you prepared for that?
Nationwide has provided a tool to evaluate projected expenses for an individual or a couple, based on their health and other related factors. This report is available from your advisor upon request at no charge to you. We believe it is important for you to know what to expect. We will be offering both enhancements to the planning process this year as we meet for your annual plan update.