He says that planning for retirement is "more than an endless math problem" on how to stretch one's salary—it is a lifestyle. Jelter advises forming strong healthy habits like exercising and eating well; such behaviors not only will lengthen your life, but lower your health care costs in retirement.
In your 30s and 40s, you should put a portion of any raises or bonuses away for retirement, experts say. And in the 10 to 15 years before retiring, calculate how well you have saved for health care costs.
According to the Employee Benefit Research Institute, a 65-year-old couple retiring in 2012 would need at least $163,000 in savings to stand even a 50% chance of covering their health care costs. To up those odds to 90%, the same couple should save at least $283,000.
Jelter advises against setting a date or age when you will retire, but a dollar amount. He also recommends taking a "retire to" instead of "retire from" attitude to avoid feeling a void when you leave the workforce.
On the blogs
- At the Margins: The Financial Leadership Council's Sarah Gabriel explains how to make affordable financing a win-win for patients and hospitals.
- Practice Notes: The Medical Group Strategy Council's Tiffany Chan outlines three steps to overcome state regulations obstructing effective nurse practitioner utilization.
- Practice Notes: Chan explains recent trends in assigning advanced practitioners their own panels.