Tags: McClanahan | healthcare | costs | retirement

Financial Planner McClanahan: How to Curb Healthcare Costs in Retirement

By    |   Monday, 15 Sep 2014 05:28 PM

Healthcare will obviously be one of your major costs after you stop working.

Carolyn McClanahan, director of financial planning at Life Planning Partners, offered several tips to CNBC.com for keeping those expenses down.
  • Do all that you can to stay healthy now, with exercise, nutrition, etc. "If you do a great job taking care of that, it's less likely you're going to incur expenses down the road," she said. For example, you may be able to prevent heart disease and diabetes.
  • Try to limit your healthcare consumption before you retire. "People who go to the doctor for everything are going to have higher medical costs," McClanahan said. "So if you're seeing every doctor under the sun, you need to save more money."
  • Know your health insurance plan. That can help you decide whether you need supplemental insurance or a long-term care insurance plan.
  • Have end-of-life discussions with your loved ones now, so you have things figured out before your health deteriorates.
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Experts say many Americans have failed to do adequate financial planning for their healthcare needs in retirement.

"People are quite enthusiastic about the chance of living a longer life, yet at the same time there is mounting worry about the cost of health care in retirement, and very few people have sat down and figured out what that will be," gerontologist Ken Dychtwald, CEO of Age Wave, a research firm, told USA Today.

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Healthcare will obviously be one of your major costs after you stop working.
McClanahan, healthcare, costs, retirement
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2014-28-15
Monday, 15 Sep 2014 05:28 PM
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