After many years of hard work and effort, the most rewarding part of life for seniors is the anticipation of retirement. For some, the end of careers and pending retirement can cause excessive stress. In Texas and other states, the burden of planning for long-term care and housing are casting a shadow on retirement bliss.
The cost of healthcare for seniors often produces more anxiety than an illness itself. Studies show that the average senior couple can expect to spend on average $400,000 during retirement, and that does not include long-term care. Pre-existing conditions may cause that number to increase significantly. Elders may want to consider a Medicare Advantage plan with a broader range of coverage and less out-of-pocket expenses. Traditional Medicare does not cover procedures such as dental, vision and hearing.
Some seniors will retire with remaining mortgage debt, high property taxes and home upkeep to contend with. The ability to write off property taxes may not be an option with the new state and local tax changes, so it may benefit some to consider downsizing to smaller homes or even renting. Renting may make monthly costs more predictable, and the property maintenance becomes someone else’s problem.
Retirement should be the highlight of one’s golden years. Taking steps now to improve circumstances is far better than suffering from anxiety and stress during retirement. For those in Texas who have questions or concerns about long-term care and other issues may benefit from speaking with a professional who is well versed in Medicare and elderly retirement planning.
Source: fool.com, “3 Sources of Retiree Stress — and How to Deal With Them“, Maurie Backman, Jan. 11, 2018