Avoid an Income Gap

Avoid an Income Gap

Can you imagine paying $10,000 a month for skilled nursing or assisted living when you retire? This is a staggering amount of money that many seniors are facing today. One of my clients is currently paying this much, and it doesn't even include medical bills or drug costs. How can people afford it?

The reality is that many people don't. The average wage and cost of living have both increased significantly, and with high inflation and interest rates, it's difficult for people to save enough to retire comfortably. This begs the question: How much will you need to retire and live comfortably in a facility like this 20 to 30 years from now?

Many people may be facing a retirement income gap, which means they won't have enough money to cover their expenses in retirement. This is especially true for those who haven't started planning for retirement yet. The good news is that there are steps you can take to avoid an income gap and supplement your retirement income.

The first step is to start planning early. The earlier you start, the more time you have to save and invest your money. It's important to have a clear understanding of your financial situation and your retirement goals. This will help you determine how much you need to save and how to invest your money to achieve your goals.

Another important step is to maximize your retirement accounts, such as your 401(k) or IRA. Take advantage of any employer matching contributions, and consider increasing your contributions each year. This will help you build a solid retirement nest egg.

You may also want to consider other retirement income sources, such as Social Security, pension plans, or annuities. These can provide a steady stream of income in retirement, and can help supplement any gaps in your retirement savings.

Finally, consider working with a financial advisor who specializes in retirement planning. They can help you create a personalized retirement plan based on your financial situation and goals, and can provide guidance on how to invest your money and maximize your retirement income.

In conclusion, paying $10,000 a month for skilled nursing or assisted living is a daunting thought for many people. But with early planning, maximizing your retirement accounts, and exploring other income sources, you can avoid an income gap and enjoy a comfortable retirement. Don't wait until it's too late – start planning today.

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Please note that MEG Financial Wellness, LLC is not a tax, legal, or investment agency, and we do not offer legal, tax, or other professional advice. For clients seeking professional advice, we recommend consulting with a qualified professional advisor.

Please be aware that we do not offer every plan available in your area. The information we provide is limited to the plans we do offer in your area. For information on all available options, we recommend contacting Medicare.gov or calling 1-800-MEDICARE.