Top 7 Retirement Planning Mistakes To Avoid Before You’re 40
The Peril of Underestimating Healthcare Costs
Healthcare is poised to be one of your largest retirement expenses. Most younger workers overlook this colossal financial burden, assuming that Medicare will cover it all. But here’s a clue you might not have known: as of 2023, an average couple retiring at 65 may need about $300,000 just to cover healthcare expenses throughout retirement.
Have you considered long-term care insurance? Many don’t. Yet, it’s a crucial contingency plan. The irony is that while people plan for vacations and new homes, they often neglect these crucial preparations. And there’s a hidden twist…
The earlier you plan for healthcare, the more you can mitigate these costs. Health Investment Accounts (HSAs) and other tax-advantage savings plans should be maximized to buffer future medical bills. A tiny oversight, like neglecting these accounts, can lead to financial strain later. But that’s not the end of the rabbit hole…
Your future peace of mind isn’t just about money saved; it’s how proactively you determine your strategy now. Ready to discover other secrets that can make or break your golden years? Let’s dive in below…