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Planning for unexpected retirement costs

by Midland National

Retirement should be a time for rest and relaxation. But retiring isn’t always that simple. There are some costs you might not expect. Here are some expenses you might want to look out for when you are planning for retirement.

Overlooked health care costs

The average couple who retires at age 65 will need around $285,0001 to cover healthcare expenses. Unfortunately, many retirees don’t plan for the amount of care they’ll need to cover the costs of their health care in retirement. They may also fail to consider certain costs like dental work and vision issues.

Retirees may also not consider ways to cover these costs beyond traditional retirement income. There are a few options out there that can help with this. Life insurance offers accelerated death benefits2, for example, that can provide access to a portion of a policy’s death benefit during your lifetime.

Another option is a fixed index annuity, which can help create a foundation of conservative growth potential and a guaranteed stream of income payments for as long as you live.

This is provided for informational purposes only and should not be construed as investment advice.

References to specific portfolios should not be considered a recommendation. Data and analysis do not represent the expected future performance of any investment product or strategy.

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