Redstone Federal Credit Union

With retirement comes freedom, adventure, and extra time to spend with family and friends. But losing employer-sponsored health care means those golden years can also come with major out-of-pocket expenses. A healthy 65-year-old couple could expect to spend over $387,000 on health care costs in retirement.* is number doesn't factor in the potential costs of long-term care, which could range from $3,500 to almost $8,000 a month – sometimes more. Here are some other things that warrant careful planning for health care expenses: Medicare doesn't cover everything. Even with Medicare, you can expect to pay out-of-pocket costs for premiums, deductibles, coinsurance, hospital stays, prescription medications, and uncovered medical services. Medicare doesn't cover hearing aids, podiatry, dental and vision care, or long-term care, either. ese coverage gaps can add up quickly. e cost of medical care is always rising. Due to inflation, everything gets more expensive – and health care is no exception. Health care costs are actually going up even faster because people are living longer, and treatments are always changing and advancing. You'll spend more if you are healthy. It seems counterintuitive. Being healthy typically means you'll live longer, and that tends to cost more over time than high, but short-term, costs incurred through illness. e age at which you retire and the number of years you must cover those expenses also factor into your costs. Tips to prepare for health care costs in retirement: Try to break future projected costs into annual costs so that saving is easier and less overwhelming than a lump sum. Consider a Health Savings Account or other tax-advantaged means of saving toward your future health costs. Most importantly, don't hesitate to seek out expert advice. Redstone Brokerage Services is here to walk you through the entire retirement planning process, answer your questions, and help you prepare for your goals. Call 256-722-8300 for a complimentary consultation. 6 | r e d f c u.o r g R E D S T O N E B R O K E R A G E S E RV I C E S Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Redstone Federal Credit Union (RFCU) and Redstone Brokerage Services (RBS) are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using RBS and may also be employees of RFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, RFCU or RBS. Securities and insurance offered through LPL or its affiliates are: *2019 Health View Services Report Retirement Don't Underestimate Your Out-of-Pocket Health Care Costs Not Insured by NCUA or Any Other Government Agency Not Credit Union Guaranteed Not Credit Union Deposits or Obligations May Lose Value

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