25 Brilliant Retirement Ideas
Ash Toumayants, a financial advisor and founder of Strong Tower Associates in State College, Penn., spoke with Go Banking Rates reporter Morgan Quinn about retirement ideas in regards to planning. As many retirees are unprepared for the cost of long-term care, Toumayants discusses the importance of estimating health care costs as a part of retirement planning.
“According to Fidelity, a 65-year-old couple that retired in 2015 will need $245,000 to cover future medical expenses — not including the cost of long-term care. Many workers and retirees are totally unprepared for this cost, which can ultimately wipe out their savings. ‘Most people, especially healthy ones, will underestimate the potential cost of healthcare, which can be financially devastating. Don’t assume just because you’re healthy now that you will continue to be throughout retirement,’ said Ash Toumayants, financial advisor and founder of Strong Tower Associates.
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