Seniors, Medical Expenses, And Lifestyle Choices

Planning for your active retirement can be exciting on the one hand because you will finally have the opportunity to do all those things you never had the time for when you were focused on your career or running your business. But it is also quite challenging because your active retirement will eventually blend into the portion of your life known as your “twilight years” and there are many uncertainties that make this planning an imperfect science.

When you look at the facts you can see just how significantly health care costs can impact your retirement and the size and scope of your legacy. A study that was conducted by Boston Colleges Center for Retirement Research indicates that on average Americans who reach the age of 65 will face out-of-pocket health care costs of somewhere in the vicinity $ 200,000 during their lifetimes. If you also add in long-term care expenses the typical senior citizen could be looking at costs in excess of $ 500,000.

For some people planning for expenses of this magnitude could be a matter of concern, and as they say you can’t get blood from a stone. Either you have the resources to address any and all eventualities while still being able to leave behind significant inheritances to your loved ones or you don’t. You can position your assets in an optimal manner and prepare as best you can with the assistance of a retirement planning attorney, but most people simply have financial limitations.

Though these costs are out of your control you do have total control of your lifestyle choices. Preventable diseases brought on by smoking, inactivity and poor eating habits are the cause of hundreds of thousands of deaths each year.So if you have serious concerns about the high and rising cost of health care, it makes a lot of sense to address the problem at its root and do everything that is within your power to remain healthy and keep those medical bills to a minimum.

To learn more about medical and protect you from the cost of long term care, please visit the website of the experienced estate planning attorneys Louisville KY of the Gersh Law Offices PSC today.

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