State Farm's Melanie Bakala Urges Retirement Planning for $315,000 Medical Costs
Updated
Updated · ThurstonTalk · Jun 3
State Farm's Melanie Bakala Urges Retirement Planning for $315,000 Medical Costs
1 articles · Updated · ThurstonTalk · Jun 3
Summary
$315,000 is what a retiring couple may need for healthcare in retirement, far above the $41,000 many Americans expect, Melanie Bakala of State Farm said.
Bakala urged people to start planning now because many retirees underestimate medical bills and reach retirement without enough preparation.
State Farm recommends building a savings and budget strategy, weighing long-term care insurance, managing distributions to help control Medicare premiums, and delaying retirement if possible.
Bakala said plans should be reviewed every two to three years, with added guidance on Medicare options, taxes and other expenses for people nearing retirement.