Genivity partner, BMO Harris Wealth Management, spoke with Financial Planning publication about how they are using Genivity HALO to better help their clients plan for health care costs in retirement.
“We know that health care costs are one of the biggest concerns that clients have and we have to be planning for all eventualities,” says Purva Sule, director of BMO’s Partners Team. “The engine spits out a detailed forecast of health care costs which is useful input for advisors to create a custom plan and to be more accurate as well.”
Americans are increasingly ill-prepared for medical expenses, especially as they reach retirement. The cost of medical care has long outpaced inflation and become more than 10% of overall spending when clients hit age 65, according to Vanguard. At the same time, the ranks of senior citizens are rapidly expanding. The U.S. population over the age of 65 is projected to top 90 million by 2050 — up from around 50 million in 2020, according to data from the U.S. Census Bureau.
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