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Certainly -- now on to your financial health there are new concerns for those approaching retirement.
Many people haven't saved enough to cover rising costs especially for health care so.
How do you do that Kimberly -- joins me now with some solutions she's president of the period wealth management and author of the book.
Wealthy by design a five step plan for financial security.
And really welcome to the show.
You know this is a lot of money we're talking about at the end of the day as a matter of fact that something like a 163000.
Dollars of people pay out of pocket.
Well folks have a hard time enough just saving for retirement how could they -- for this to.
Yet it's not we needed another thing on that -- at retirement at needs right Gerri.
And this very overwhelming at the average cost inflation that -- medical care today -- around 7%.
So out of what we'd do act with my at my firm with my pre and -- retirees and -- -- clients that it keeps you -- being fifty to 65.
In built into the portfolio.
An extra half percent to maybe 1%.
And we earmark that for the medical costs a lot.
So -- a client let's say wants fortified percent per year I might get four and a half out of five and a half percent.
And then that money is going to be satisfied in earmarked for the medical cost just for medical -- -- and the expenses.
How much can people expect for Medicare.
To pay for the kinds of problems they face.
You know Medicare costs 40% 50% from Medicare right that that will come out.
About 40% comes out of -- pockets.
And that's like 15% for her.
The format -- however health care for hospital visits for -- for care for prescription and so that's act on that upwards and you can look at some BI about 141000 dollars a year Jerry.
Out of your own pocket on the lower end of that that could be around 5000 dollars but the reality is.
-- it's about twice and that have inflation today and we really need to budget for this and she actually earmarked these funds so that you have this.
It in they -- you have a choice in you or in your medical care going forward incident being.
Forced into something that maybe you really don't want just like your error earlier doctors had said.
You need force into something you don't want like what.
Like -- like if you won't get mad differences like a misdiagnosis like let's say if you were.
Somebody thought that they might have cancer and they want to go in and do a you know.
I have probes to go and get the can't -- -- it is cancer and I -- or not.
And they say now Ralitsa let's just do chemo let's see how our guest turns out that the person passes away at cancer and that -- they -- They've they've got dad's mother that's -- diagnostic tests and actually maybe say the person.
So I don't particularly -- -- stay -- -- at one point dad folks actually had coverage insurance coverage.
From their employer back when people worked for the same employer for decades and decades but that has gone away so dramatically.
And it's so difficult -- for people to build up the reserves they need are you saying just save more.
Well you can save more and -- rock and what I'm saying for the 4550 year old you know we need to -- we need to basically add that into the budget to say.
And and ad budget -- to -- war for four -- medical costs that you may or may not have covered at Medicare.
But the reality -- -- you have a choice okay.
And in like in my my clients and Jerry she's only 5115100.
Dollars a month is her medical screening and actually as -- she's -- retired.
And we basically took a and unity.
And we preached by that is so that when she death officially retire she's gonna actually have the money to pay for her premium -- -- wouldn't do it.
I inflation -- on adding I -- -- all my ideal solution and we -- the choice.
-- Kimberly thanks for come or not it's a difficult topic and not a lot of solutions for folks out there were doing it on -- on thank you so much.
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