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Expecting the Unexpected When It Comes to Retirement Planning
Old 04-30-2013, 06:59 AM   #1
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Expecting the Unexpected When It Comes to Retirement Planning

Not much new here, I know, but I tend to stop and read it anyway if it's in the Wall Street Journal, so thought I'd share:

Expecting the Unexpected When -

Fidelity Investments estimated that a 65-year-old couple retiring in 2012 would need $240,000 in savings to pay for out-of-pocket health-care costs. That estimate excludes long-term care, which can cause overall costs to surge even further: The median annual cost of private-room nursing-home care in the U.S. is $83,950, up 13% from 2009, according to Genworth's GNW +0.70%2013 Cost of Care Survey. And if an emergency creates a need for help at home, then "it's scary how big the numbers can get," said Lisa Chapman, wealth adviser in Long Beach, Calif. at UBS UBSN.VX +6.94%Wealth Management Americas. Round-the-clock skilled nursing care in the home can run as much as $10,000 a week.

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Old 04-30-2013, 07:48 AM   #2
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"it's scary how big the numbers can get," said Lisa Chapman, wealth adviser in Long Beach, Calif.

It's scary the way these articles scare millions of people into working longer than they need to.

"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
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Old 04-30-2013, 08:34 AM   #3
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I wonder what Genworth would say the solution is. Maybe more insurance?
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Old 04-30-2013, 09:03 AM   #4
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The Consumer Expenditure Survey numbers seem much lower for average costs:

Age of reference person: 65 and older

Household size: 1.7 people

Healthcare Expenses: $4,765
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