| Mon, Sep 16, 2013 @ 09:00 AM

Retirement in Balance – Health and Wealth

Posted by Medicare Made Clear

financial stabilityBy Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial

Planning for retirement is exciting in many ways. Pre-retirees often begin preparing for the costs of moving, traveling or pursuing new hobbies. But too often, those preparing to leave the workforce forget one of retirement’s largest expenses – health care. Health care expenses are likely to increase during retirement, so planning ahead and being well-informed about health care options is crucial to helping maintain future financial stability. Individuals who understand how Medicare works will probably find it easier to navigate their Medicare options and to find the coverage that’s right for them. That’s why Ameriprise Financial is proud to be a sponsor of UnitedHealthcare’s National Medicare Education Week for the second year in a row.

Increasingly, the cost of health care is a major concern for Americans. The Retirement Check-In survey® recently released by Ameriprise Financial asked Americans between 50 and 70 years of age with at least $100,000 in investable assets whether they were more concerned about their health or their finances in retirement. Not surprisingly, 53 percent admitted they were more concerned about their physical health in retirement than their finances.

Yet, health and wealth often go hand-in-hand, especially during retirement. While Americans express concern, many do not know what it will cost. More than half (56 percent) of participants in the survey admitted that they have not researched what Medicare covers. 

There is a long list of things you can do to work towards a health and wealth balance in retirement. Consider starting with these:

Attend a National Medicare Education Week (NMEW) Event. Attending an NMEW educational event in your local community is a great opportunity to learn more about health care and your Medicare options. This is important so you can find and select coverage that is a good fit for your health needs and your finances. Educational events for baby boomers, Medicare beneficiaries, their families and caregivers will be held across the country. For more information about events in your area, visit NMEW.com. You can also watch the NMEW Medicare education presentation from the comfort of your home. 

Learn about retirement planning.  It’s never too early—or too late—to start planning the retirement you want. You may begin by defining your dreams and goals, envisioning your retirement lifestyle and calculating how much you need to save to get there. From there, you can begin creating a plan. For more information about financial planning or Ameriprise, visit ameriprise.com.

The Retirement Check-In survey® was created by Ameriprise Financial utilizing survey responses from 1,000 employed Americans ages 50-70. All respondents have investable assets of at least $100,000 (including employer retirement plans, but not real estate) and are planning to retire at some point. The survey was commissioned by Ameriprise Financial, Inc. and conducted via telephone interviews by Koski research from October 31- November 14, 2012.

UnitedHealthcare is not affiliated with Ameriprise Financial, Inc.

Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. 

For more information, contact the Medicare helpline 24 hours a day, seven days a week at 1-800-MEDICARE (1-800-633-4227), TTY 1-877-486-2048. If you have questions about Medicare Made Clear, call 1-877-619-5582, TTY 711, 8 a.m. – 8 p.m. local time, seven days a week.

Resources:

NMEW.com: Get more information about National Medicare Education Week.

MedicareMadeClear.com: Learn about Medicare, initial enrollment and changing plans.

Medicare.gov: Visit the official U.S. government site for Medicare.

 

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