The estimates don't include:
- long-term care,
- the sometimes-astronomical costs of home health care or nursing homes that aren't covered by Medicare.
- Long-term care insurance is available but expensive; although premiums vary greatly,
- Fidelity estimated that a retired couple would need to pay an additional $130,000 for a policy,
offering an inflation-adjusted $8,000 per month for long-term care over 3 years.
Financial planners say several strategies can help[...] - a longevity annuity
- an insurance policy that provides an income stream that begins only once retirees reach age 80 or 85
- Because many people don't live that long, longevity insurance is far cheaper than other kinds of annuities
- "A person can make their retirement nest egg go much further"
- Retirees can then spend more freely early in retirement, knowing they're guaranteed to get a regular annuity check in their final years.