Health Costs and Retirement: How to Plan and Prepare

To learn more about our non-profit continuing care community on Skidaway Island, GA, please call us today at 800-889-6238 or request a brochure.

For most people, their entire focus of saving for retirement is on saving as much money as they possibly can. While this is certainly important, it is not the only thing that should be considered.

Taking a more holistic approach to your retirement planning will help ensure that you have certain strategies in place so you'll be better prepared for whatever life is going to be throwing your way as you age. Here are some of the things you should be addressing in addition to saving money:

  • Building an Emergency Fund - An emergency fund is the most effective means of protecting yourself from a financially punishing event. This fund is separate from your other bank accounts and it is only to be used during times of financial crises. It is important to have an emergency fund because the money is liquid and therefore, readily available.
  • Planning Your Will and Estate - Life events don't occur according to a schedule. Therefore, having your Will prepared and your estate's management set before anything happens to you or your mental capabilities start to wane will ensure that your beneficiaries are clearly defined and your wishes will be met.
  • Comparing Health and Life Insurance Policies - Once you retire, your health and life insurance policies will most likely change. You'll be eligible for Medicare and you'll probably need to buy a supplemental insurance policy. This can be expensive, but you need it to protect your savings. Just be sure you consider a plan that offers critical illness and long-term care coverage if you think you will need it.
  • Look into Legacy Plans - If you're still working and a ways yet from retiring, then you might want to look into legacy plans. These plans help protect your savings in the event your career is jeopardized due to health problems or other unforeseen circumstances.
  • Consider the Cost of Savannah Independent Living Facilities - Retirement communities like The Marshes of Skidaway Island offer affordable living and life-enhancing benefits that can make retirement much more enjoyable and cost-effective.

Nothing is guaranteed, but by including estate planning, health and life insurance, and other contingency planning into your retirement strategy, you will have a better chance of enjoying a more financially stable lifestyle as you age.

Savannah Independent Living Can Help You Optimize Your Retirement

At the Marshes of Skidaway Island, Savannah independent living offers a host of solutions for the new retiree. Our resort-like campus provides you with a range of living options, quality medical assistance, dietary support, quality of life enhancements and more. The Marshes truly represents independent living through every phase of your life as you age and because our services are inclusive, you know where your money is going at all times. This is vitally important for today's seniors and it is something that we know you will appreciate.

If you are retiring and you want to secure your savings, schedule a visit to The Marshes of Skidaway Island by calling 800-889-6238 today. Come visit our Savannah independent living complex, meet with our staff and members, and sample our restaurant-quality community dining rooms. We know you're going to love what you see.