Think it’s too soon to start planning for your retirement? Think again! In the United States, one in three people have less than $5,000 saved for retirement and close to 21% have nothing saved at all. Those are some concerning numbers considering food costs, living and medical expenses are all expected to rise in the coming years. A retirement savings fund not only helps pay for these expenses but will ensure a comfortable retirement. Read more how saving now for retirement will secure you a better financial future.
Takes Care of Unexpected Medical Costs Not Covered by Medicare
You have a picture-perfect image of your retirement years, but then, unexpectedly, you suffer a debilitating disease or injury. Medicare does not cover everything, which means you will have to pay out of pocket for some medical expenses. This can include things such as long-term care (also known as custodial care), dentures, hearing aids, exams and a majority of dental care procedures. You will also be responsible for copays, deductibles and coinsurance payments for services covered by Medicare. Setting aside funds today will help you be better prepared for unexpected medical costs in the future.
People are Living Longer
People are living longer now than they have in decades with the average life expectancy reaching 80 years old. This is mostly due to better medicine and health screenings, advances in technology and people making better food and health choices. If you do find yourself living to the ripe age of 80 or longer, then you’ll need your retirement savings to stretch a bit further. The more people there are living longer, the more hands reaching in the Social Security jar.
You Can’t Rely on Social Security or a Pension
While the idea of having the funds of Social Security or a pension available during retirement seems great, they do not provide enough coverage. The funds from a retirement savings account such as a Roth IRA will help supplement the money you receive from social security or a pension.
Guarantees a Better Financial Future
Retirement doesn’t mean you get a hall pass from all the bad things that can happen in life. Sure, you have lazy days at the beach or mornings tending to your garden but the unexpected is always around the corner. Think of your retirement savings as a safety net that is in place to help protect you from financial speed bumps.
Get started today by preparing for your retirement future. Visit with one of our investment professionals at Care Financial to discuss your retirement savings plan. You’ll thank yourself later!
Care Financial is a privately owned and operated business providing families, individuals and businesses with comprehensive wealth management strategies. Contact us online at www.carefinancialonline.com or call us at 251-633-7122.