- Get an overview of the baseline cost for healthcare, including regular doctor visits, prescriptions, insurance premiums, dental and vision. This cost can be built into your income floor.
- Carefully consider post-retirement insurance plans that cover any gap in Medicare coverage.
- Learn about insurance policies that help cover long-term care healthcare needs.
- Explore Health Savings Accounts or Retiree Health Savings Plans that let you save health dollars in a tax-friendly way.
Step 2: Understand the challenges you’ll face
Percentage of Americans who do not know how much income they'll have each month after they retire.
Consider planning for income you can’t outlive
How to build a retirement income floor
View From the Top
My concerns for the future? The major one, I think: am I going to outlive my retirement account, am I going to then become a burden on my children? Trying to maintain my financial independence is a big concern of mine.
As the 20-year-old Lis, I and my husband then made some really good decisions for the future. When we first started saving with TIAA, basically what we decided was, all right, we'll put as much as we can into retirement, and actually that was the full amount. I moved money into TIAA rather than some other option I might have had.
I've had two big reviews with TIAA where they've actually looked at my budget and told me how things are going, reassured me that I would have enough money even without selling the house, which was very nice because I really like this house.
Lifespans are increasing
|Man aged 65||Woman aged 65|
|80% chance||81 years||82 years|
|50% chance||89 years||90 years|
|25% chance||95 years||96 years|
Learn about the risk of bad timing
Don't let market volatility get you down
Don't forget about inflation
Inflation’s effect on purchasing power