How rising health care costs, longevity could impact planning for retirement

FOX 43 News

McGee Franklin Financial Group of Wells Fargo Advisors of Topeka is a paid sponsor of FOX 43 AM Live and responsible for this content.

TOPEKA, Kan. (KTMJ) — Chris McGee, senior vice president of investments at McGee Franklin Financial Group of Wells Fargo Advisors, sat down with FOX 43’s Erin La Row to talk about the importance of having realistic assumptions when planning for retirement — that includes expecting rising health care costs.

“Health care expenses are projected to grow faster at about 4.8 percent per year,” McGee said.

McGee said longevity also plays a role in planning as people are living longer. Retirement can last 20-30 years or longer.

“Bottom line, you should be planning to have a long retirement,” McGee said.

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