By Felicia Ross
Boys & Collins Financial Group
Retirement – It seems like a simple word; yet, it can often be scary and complicated! Many people nearing this stage of life like to plan ahead: to know what money they have available now and where it will be going when their full-time income stream ends.
What would $285,000 be worth to your retirement plan? Perhaps with that amount, you could enjoy a few extra days of vacation each year, spending time with family and friends, making memories, taking long walks on the beach, hiking trails in the mountains, or exploring and experiencing the culture of a big city. Perhaps, you could continue to give to charitable causes that are near and dear to your heart? Imagine the possibilities!
How could that number possibly be scary? According to a Fidelity report released just this week, the average couple in retirement will spend $285,000 – but NOT on vacations or time with family and friends or giving back to the community. Instead, they’ll use that hard-earned money paying premiums, copays, deductibles, and out of pocket costs for their healthcare coverage and prescription drugs. Approximately 38% of that amount will be spent on Medicare Part B and Part D premiums, with an additional 19% covering the cost of generic, branded, and specialty drugs. The remaining 43% will be spent on the deductibles, co-pays, co-insurance, and excess costs associated with Medicare.
In spite of those numbers, Medicare coverage and costs do not have to be scary! As part of our overall retirement planning picture, Boys and Collins Financial group now offers Medicare solutions. We want to help you investigate your options, find the best coverage available for the lowest cost, and give you the freedom to use more of those retirement dollars for the things that matter most! For more information, reach out to Felicia at firstname.lastname@example.org or call the office at 765-342-8686.