As we work with our clients to create a plan for retirement, we typically emphasize the importance of accurately forecasting the impact of healthcare costs. Let’s face it: as we grow older, the likelihood of increased spending for healthcare rises.
Given the continued rise in infection and hospitalization rates in 40 of the 50 states, it seems obvious that we are nowhere close to living in a “post–COVID-19 world.” And yet, experience and common sense persuade most of us that somehow, some way, modern science will find an answer to this latest global health threat.
Whether working remotely from home or in retirement, many of us have found ourselves with extra time on our hands as the coronavirus pandemic has forced us to avoid a number of activities we engaged in before the lockdown.
In February and March, when news of the coronavirus pandemic first broke, many of us starting feeling anxious and worried. Then, when the markets turned into a wild rollercoaster ride, the reaction of many was to feel even more stress and perplexity.
They say we get wiser as we get older, but let’s face it: Many new uncertainties and challenges can crop up as people get deeper into their golden years. Changes in physical health and issues with memory can mean you—or your elderly parents—might require new types of never-before-needed assistance.