The average annual healthcare expense per individual rises from roughly $2,000 for 19-year-olds to about $11,000 for retirees (age 65+).1 As Americans pay more for medical care, they often seek ways to save for emergencies. Health savings accounts (HSAs) and health reimbursement accounts (HRAs) can help.
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Advisors often face gaps in financial literacy among clients, but the when it comes to retirement income, the blank stares can be particularly worrisome. Advisors say clients still too often don’t know what a sustainable monthly withdrawal rate is, and sometimes don’t know to think about the possibility of long-term care—putting the job of educating clients on retirement issues, as well as planning for them, on the advisors’ shoulders.
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