Whether it’s around the corner or down the road, retirement is on the horizon. That’s why State Farm’s Melanie Bakala says now is the time to plan for how much they will need to retire comfortably. “Lots of people are not looking at what they really need in retirement,” she says.
Healthcare During Retirement May Cost More Than You Think
Paying for healthcare is an important no matter what your phase in life, and in retirement, medical expenses are often more than people expect. “The average medical expenses in retirement are often greater than many people realize, but planning ahead can help mitigate the unexpected,” Bakala explains. Fidelity Investments’ 2022 Retiree Healthcare Cost Estimate notes that many Americans believe a retiring couple will need around $41,000 to cover average medical expenses in retirement. However, a retiring couple will actually need around $315,000.
Bakala Says She Can Help You Plan for Retirement
Bakala can help you design your retirement plan and adjust it over time as needed. “Lots of people retire, and they are not prepared,” she says. “At least have a plan and review it every two to three years, and ask yourself, ‘how am I doing?’”
Bakala and State Farm suggest retirement preparation steps that she and her staff can discuss with you in detail, taking into account your individual circumstances. The steps include:
- Develop a savings and budget strategy
- Consider long-term care insurance
- Manage distributions to help maximize Medicare premiums
- Delay retirement if you are able
- Help stay well with preventive care
Bakala adds that she reaches out to all her check in on where they are at with their retirement planning, including how to pay for medical expenses, other expenses such as taxes, and more. For people approaching Medicare age, they can review healthcare plans and options and aid in laying out a stronger course on the road to retirement success. “We want to make sure they understand how it works,” she says.
Contact Melanie Bakala at State Farm for Help With Preparing For Retirement
Contact Melanie Bakala and her State Farm team to learn more. Visit their Lacey/Olympia or Shelton websites or call 360.972.7905 (Lacey/Olympia) or 360.426.2428 (Shelton).
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