Chapter 16
Getting Insurance
IN THIS CHAPTER
Appreciating the key types of insurance in a retirement plan
Navigating the online maze of medical insurance
Seeing how a health savings account plays a role in retirement savings
Safeguarding your retirement plan with online insurance tools
Saving money is job #1 of retirement planning. But another almost equally important part of retirement planning is hanging onto the money you have. And for this task, insurance plays a key role.
Healthcare costs, especially unexpected ones, can ruin even the most solid retirement plans. Most people nearing retirement or who are already retired “feel financially secure,” according to a survey conducted by the Society of Actuaries (www.soa.org/globalassets/assets/files/resources/research-report/2018/risk-process-retirement.pdf). But the study also found that two-thirds of retirees expected to get by with less income in retirement, which leaves them exposed to unexpected financial shocks. Specifically, less than half of pre-retirees said they “felt prepared” to handle unexpected healthcare costs.
In ...
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