Investment News: Tool to estimate the health care cost during retirement

When creating a retirement plan for high-net-worth clients, many advisers don’t put a lot of their own effort into calculating health care costs. After all, those clients are wealthy and well-insured, and in many larger firms, doing the math — and/or getting the commission — is somebody else’s job.
Retiree Healthcare Planner from GoWealthPro attempts to answer the biggest question on most retirees’ minds: How much should I set aside for health care expenses in retirement? Rather than going by average-life-expectancy data, GoWealthPro’s Retiree Healthcare Planner uses individual-client data, including age, health history and family health history, as well as information on that person’s level of physical activity and whether he or she smokes, to get a sense of what health care costs might be in retirement. Clients as young as 40 can use the program.
By Darla Mercado and Davis D. Janowski
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