Don’t Miss this Key Step when Retirement Planning

Retirement planning isn’t just about saving enough. It’s about anticipating the real costs you’ll face, especially when it comes to health care. For millions of Americans, health care expenses in retirement can be unpredictable, substantial, and sometimes overwhelming. Why?
- According to Fidelity, the average couple retiring today may need over $330,000 to cover health care expenses throughout retirement, not including long-term care costs.
- Kaiser Family Foundation (KFF) research shows health care costs have consistently outpaced inflation, consuming a growing share of retirees’ income.
That’s why many experts agree that estimating health care costs is one of the most important steps in retirement planning.
The Communication Disconnect
The 2025 Protected Retirement Income and Planning (PRIP) Study from the Alliance for Lifetime Income by LIMRA reveals a persistent gap between financial professionals and their clients when it comes to discussing health care costs. While 96% of financial professionals say they talk about physical health issues, only 44% of clients recall those conversations. And when it comes to cognitive decline, the gap is even wider.
This matters because both groups agree that estimating health care costs is the single most challenging task in retirement planning. If these conversations aren’t happening, or aren’t resonating, retirees may be left unprepared for the realities ahead.
The Value of Financial Professionals
The good news is that working with a financial professional can make a real difference. Research from the Insured Retirement Institute and Kiplinger shows that retirees who work with financial professionals are more confident, have more diversified assets, and are better prepared for unexpected expenses. In fact, 78% of those who work with a financial professional feel confident they’ll have enough income to cover essential expenses in retirement, compared to just half of those who don’t.
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