As the workforce continues to age in Wisconsin, many may be thinking about retirement.
The Job Center of Wisconsin reports that the median age for a worker in Wisconsin was around 40.1 years old in 2021, which is slightly above the median age for the rest of the country, which is 38.8 years old.
So, as those workers get closer to retirement, there are some risks to be aware of.
On a recent episode of WOMT’s Financial Health Show, Jason Weier of Weier Wealth Management suggested that workers should monitor healthcare costs.
“When we do retirement planning, we try to incorporate current health care costs,” Weier explained. “So if you don’t remember this, we also operate an insurance agency. We have access to health insurance and we can pull that real live data and then project that to the future. So we use those real lives scenarios and build that into the plan.”
Another thing to keep track of, which has been in the news a lot over the past couple of years, is inflation.
“Inflation is when the gradual cost of goods go up,” he explained. “Maybe in the last two years it’s been more than gradual. But the point is, is that you can expect about a two or a 3% average annual increase.”
If you would like to start planning for retirement, you are encouraged to set up a meeting a financial advisor at Weier Wealth Management by either calling their Appleton Office at 920-242-9470, or their Manitowoc Office, located inside the Seehafer Broadcasting Studios on Mangin Street, at 920-242-9470.
