The good news is that we're all living longer. If you're age 65 and healthy today, you've got a 40 percent chance of making it into your 90s. One result of this is that we're about to see a population full of older folks: According to a study from the Aite Group, by 2050, there will be 88.5 million Americans aged 65 or older. By contrast, in 2000, there were only 35 million senior citizens.
The downside of all that is that we're all going to need a lot more health care. Today's 65-year-old married couple will need $230,000 to pay for medical expenses throughout retirement, not including nursing home care. Six in ten men and eight in ten women will end up needing chronic care.
There's no doubt about it: getting older is never easy. The tradeoff we make for those extra years is the extra medical costs associated with them. If you're concerned about how you're going to pay for all those additional costs over your retirement years, feel free to give me a call.
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