Share  |  Print
Money Minute
Quick Tips
Saving for Medical Expenses During Retirement
Money Minute
When it comes to preparing for retirement, in addition to saving for traditional living expenses, it is also important to have money for medical emergencies.
 

If you’re anything like me, you’re actively saving for retirement to cover your living expenses so, perhaps, one day you can retreat to a nice beach.

But when it comes to preparing for retirement, in addition to saving for traditional living expenses, it is also important to have money for medical emergencies. Studies have shown that the average man will need an additional $116,000 on top of his retirement nest egg just for medical expenses. The average woman will need an extra $131,000.

A good way to build your retirement savings is by saving half of all bonuses and raises. By splitting your bonuses and raises, you’ll be able to save for your future while not completely depriving yourself of the joy of having more money to live off of today. Although the road to retirement can be long and winding, with small steps and discipline, you’ll be well on your way.





The information on this page is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.

 
Past performance does not guarantee future results. © Ariel Investments, LLC. This website and all of its content is for informational and educational purposes only and should not be considered to be investment advice or a recommendation to buy or sell any particular security. The mutual funds offered by Ariel Investment Trust are distributed by Ariel Distributors, LLC, a wholly-owned subsidiary of Ariel Investments, LLC. Use of this website is subject to our Terms & Conditions. The Ariel mutual funds referred to in this site may be offered only to persons in the United States. This web site should not be considered a solicitation or offering of any investment products, funds or services to ineligible investors, investors for whom such products, funds or services are not suitable, or investors outside the United States.

Check the background of this firm on FINRA's BrokerCheck
Ariel Distributors, LLC is a member of the Securities Investor Protection Corporation