Rising Healthcare Costs Highlight the Importance of Estate Planning
As seniors age, they often see an increase in their health care needs. In Colorado, costs for a rapidly aging population are expected to explode in the coming years.
The rise in costs could affect everyone in the state, but we also want to highlight why these numbers show the value in estate planning.
The Denver Post tells a story about a 92-year-old woman who had $750,000 saved for retirement. However, after she had a stroke, she burned through her retirement fund in a few years because of medical costs. While the story focuses on the rising costs of medical care, and how this could affect people living in Colorado, we want you to see why stories like this are an example of why you need to start planning for retirement.
The report also states that around 50% of people 55 and older have no retirement savings. While we understand the difficulty of putting money away, it is important to be proactive with your retirement plan and save what you can as soon as possible.
The story of the woman who had a stroke highlights this point. Even if you have a retirement plan that seems well-rounded, it is important to reevaluate it often to make sure you have enough money to live comfortably.
Certainly, you may encounter unforeseen medical costs. However, planning for every possible outcome to the best of your financial ability will be your most effective tool for avoiding a financial catastrophe after you’ve retired.