Healthcare is one of the biggest expenses you’ll face in retirement — and it’s rising faster than inflation. Even if you’ve been saving and investing, medical expenses could end up higher than you expect. Health insurance premiums are expected to rise about 15% next year, and without government help, out-of-pocket costs could jump more than 75%.
A solid piece of advice (no matter your age): Get professional help. A financial advisor can create a customized retirement strategy to help you navigate these challenges.
Whether retirement is around the corner or years away, here are a few ways to prepare, according to the experts at The Jeffrey Group:
- Stress-test your plan against rising costs like medical expenses, property taxes, and insurance premiums.
- Build a portfolio with diverse investments that can generate income during retirement.
- Start early — making small changes now is easier than scrambling later.
Ready to get planning?
