Why Healthcare Costs Might NOT Be As Much As You Think in Retirement with Stuart Ritter CFP®

Ep 052: In today's day and age, we're having more and more conversations with our financial planning and advisory clients that they haven't saved enough for retirement. It's tough enough to try and figure out what lifestyle you WANT and how much you can AFFORD, but we also hear continuously about how expensive healthcare is in retirement and that we should budget for that as well. Many of us have sat in that 401(k) or 403(b) meeting where we hear about retirement costs and we hear a figure that we'll need hundreds of thousands or possibly close to a million dollars to cover our healthcare costs in retirement. But is that actually true? What are RETIREES actually spending? How has that changed over time?  How are we spending our retirement funds on healthcare? Perhaps healthcare costs are not as much as you think they are!

Today's guest is the retirement insights leader for T. Rowe Price U.S. Intermediaries.  He has served in a variety of roles related to retirement thought leadership and product development – currently helping develop the firm's expertise on major topics that impact the retirement industry.  He is a frequent speaker at client and industry events as a retirement subject matter expert and serves as one of the firm's spokespersons to national media organizations. He holds an M.B.A., an M.A. in political science, and a B.S. in electrical engineering. He is a Certified Financial Planner professional; is a Series 6, 7, and 66 registered representative; and has taught personal finance as an adjunct faculty member at Johns Hopkins University. Please welcome BACK Stuart Ritter, CFP® to the Retirement Success in Maine Podcast!

Chapters:

Welcome back, Stuart Ritter! [2:37]

What is Stuart’s team seeing related to high healthcare costs? [11:00]

What do healthcare costs look like over a retiree’s lifetime? [33:22]

What are some resources T. Rowe Price has developed to help folks learn more about planning for health care costs? [48:16]

Ben and Curtis wrap up the conversation. [55:05]