Solutions 4 Financial Independence: 09/12/17

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BRIDGEPORT, W.Va (WDTV)- Question: I am getting ready to retire and I am very worried about the rising cost of healthcare.

Answer (John Halterman, Beacon Wealth Management): "I don't blame you at all because clearly the rising cost of healthcare or healthcare in general in retirement is a huge concern.

A couple things I think you should think about right off the bat. Number one, you have to make sure your insurance coverage is up to date and also have the right coverage. And what I mean is, if you're not 65 you have to make sure you have the appropriate comprehensive healthcare. If you are 65, you have to consider a supplemental, Medicare supplement.

Also you may want to consider long-term care or life insurance policy that has a long term care rider. What I see very often is people don't expect to have to go into a nursing home and unfortunately they have to liquidate their assets because of the lack of the right insurance."

Question: Is there anything that is more important than those tips?

Answer (John Halterman, Beacon Wealth Management): "In addition to having the appropriate insurances, you have to think about your emergency fund. Too many times people don't have liquid assets when you don't have a liquid assets, unfortunately you can't pay for a catastrophic loss. A big health bill is definitely a catastrophic loss if you don't have the resources there to pay for it.

Another thing is, live within your means. Too many times people use their investments as part of their retirement income. Unfortunately they have good intentions and the next thing you know, they start giving money to the kids, they start doing extravagant things, and their principal starts draining. Then, they have a health care issue and that health care issue pretty much wiped them out.

So do those few things, cover your insurance, make sure you have an appropriate emergency fun, and live within your means I think you will be fine."