Retirement Plan: Don't Forget about Healthcare | Guiding You Forward

In this episode of the Guiding You Forward video podcast, we talk with Chad Waddoups, vice president of Mountain America Investment Services.

We cover the following topics:

• How to include healthcare costs in your retirement planning

• How you could make more in retirement

• When to stop contributing to your emergency fund

Planning for your retirement is not always a set-it-and-forget-it kind of thing. As you move through life, things change—you buy a home, you have a family and your income increases. But what about long-term medical care?

Healthcare needs are often overlooked in retirement planning because it’s very much of an unknown. But it can be a significant cost—some studies say up to $250,000. Chad offers a few tips for working medical costs into your savings plan so you’ll have a good chunk to cover both ongoing health maintenance as well as long-term care.

In our video, we also discuss how it’s possible to make more in retirement than you did when you were working. Sound like pie in the sky? If you’re very well-informed about finances or choose to work closely with a financial advisor, you could draw a substantial amount between Social Security, your pension and what you generate from your savings and investments.

And, what about your emergency savings in retirement? Should you continue to contribute to your emergency fund after you retire? Learn more about what to do if you’ve already saved the recommended three to six months’ worth of expenses.

The best thing you could do for yourself when it comes to saving for retirement is to meet with your financial advisor. Not only are they knowledgeable about everything retirement, they can help you navigate Social Security, understand important tax implications and give you a better handle on your future.

Watch our video above for the whole segment with Chad.