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How to Prepare for the Healthcare Costs of Retirement

by Elle Martinez February 27, 2019 Insurance

In order to produce the podcast and keep content up free for you, I work with partners so this post may contain affiliate links. Please read my full disclosure for more info.

Worried that you won't have enough saved to cover healthcare expenses during retirement? Learn how you can prepare so you can lower your taxable income now and have money stashed away later!

How Much Do We Need to Save for Retirement?

Worried that you won't have enough saved to cover healthcare expenses during retirement? Learn how you can prepare so you can lower your taxable income now and have money stashed away later! #retirement #investing #money

If you’ve used those free online calculator to find your retirement number, you probably were amazed at how much they say you need.

A million, two million, maybe more for just one of you.

How do you feel when you see those numbers?

Considering that 1 in 3 Americans has less than $5,000 saved for retirement, chances are there’s room for improvement.

Unless you’re living in denial about retirement, you’re probably dealing many of the hurdles couples deal with when it comes to saving and investing for retirement.

1- You have a full plate right now. As parents with two little ones, we always have something to do. We’re not complaining – this is really a fun season of life right now – but realistically our time and attention are focused around them.

2- Bills and debts. You may not be able to save more because there’s not much to give right now. If you have to pay credit cards, car loan, student loans and have a mortgage, your money is pretty much spent already.

3 – You’re not a financial planner. Hop online and you’’ll quickly see that there is endless free advice about what you should be doing. And it can be overwhelming at best and wrong for you at worst. Sifting through all that can be a mess.

Running the numbers is also difficult. Especially with one area of retirement that we have to deal with now – healthcare costs and insurance.

How do you know how much you’ll need years, decades down the line?

The answer is there is no way to perfect predict how much you need. But there are ways you can start drawing a plan that fits your circumstances and your goals.

Which is I’m happy Danielle Kunkle Roberts is here on today’s episode.

Danielle is the co-founder of Boomer Benefits. Boomer Benefits specializes in Medicare supplement and Medicare Advantage insurance.

Which you may be thinking, I’m too young for Medicare, but I think she’s perfect because she has a close up of view of how prepared people really are for retirement.

She’s going to offer suggestions, ideas, and tips on what you can do now so you can be better equipped to handle the costs of retirement.

And how your health insurance choices now can help or harm you later.

In this episode, we’ll discuss:

  • Prioritizing your finances
  • How HDHP and HSAs work and when they are right for you
  • How HSAs can help with healthcare costs during retirement

Hope you enjoy!

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Resources to Win with Your Money

Want to go ahead and tackle your big marriage and money goals? Here are the resources we mentioned in today’s episode along with some extras!

  • Best Budget and Money Apps: Personal Capital, Tiller, Mint
  • Grow Your Stash Faster: High Yield Savings with CiT Bank
  • Automatic Saving: Qapital
  • Free 401(k) Analysis: blooom <- Great way to make sure you’re not getting hit with needless fees with your 401(k)
  • Jumpstart Your Marriage and Your Money
  • Rock Your Retirement
  • HSA and Medicare
Worried that you won't have enough saved to cover healthcare expenses during retirement? Learn how you can prepare so you can lower your taxable income now and have money stashed away later! #savings #insurance #healthcare #retirement

Key Takeaways on Saving for Retirment

Before we close up I want to focus on some key takeaways I got from speaking with Danielle.

  • Prioritize your money based on where you are now.
  • Don’t jump into HDHP and HSAs just because they’re a hot topic.
  • Get a financial expert to help you run the numbers and create a sustainable plan.

If you’d like to chat about retirement and healthcare costs more, please join us in our private and free FB group – Thriving Families.

We’re families looking to support and help one another out. Hope to see you there!

Support the Podcast!

Thank you so much for listening to the podcast!

  • Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
  • Leave a review. Honest feedback and reviews make a big difference and gets the word out about the podcast. Leave your review on Apple or Stitcher.
  • Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!

Music Credit

Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere.

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About Elle Martinez

Elle Martinez helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second..

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About Couple Money

Hi, I'm Elle Martinez, creator of Couple Money. I started this site and podcast to help spouses get on the same page, pay off their debt faster, and build their marriage and wealth together!
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I’m not a financial professional so please take my advice as opinion. Check out resources I share so you two can sit down and discuss your unique circumstances.

STANDARD DISCLOSURE: In order for me to support my blogging activities, I may receive monetary compensation or other types of remuneration for my endorsement, recommendation, testimonial and/or link to any products or services from this blog.

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