In the Zoom call with their children, Jackson relates how the longevity estimates could impact Jodi and his retirement. “As we saw on the site, Mom’s life expectancy means she will likely live a long time after she retires. If you think about it, you can control a certain amount of expenses in retirement, like housing costs, travel expenses, clothing, gifts, eating out, and technology related expenditures. We will not have as much flexibility or control over health-care costs, such as Medicare or Medigap premiums, supplemental health insurance premiums, vision or hearing, deductibles, co-pays, prescriptions, over-the-counter medicines, medical equipment, and support services and the wild card, extended or long-term care expenses.”
“I think you now understand why a redo of the three steps for us is, well, simply smart,” says Jodi. “Financial preparedness for living longer is more than a simple math problem.
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