The title of this blog post should come as no surprise: It’s an expensive endeavor to grow old in this country. Sure, you can save, but as I referenced in past, the amount of money you need to live a comfortable retirement can be a hefty number (close to seven figures at this point). It’s obtainable if you start early enough, save diligently throughout your career, and make smart investments, but let’s be real, the majority of Americans will never reach that seven figure mark and most will likely struggle–or require at least some assistance–as they age in retirement. Furthermore, as healthcare costs seem to increase year after year, the thought of needing medical care or nursing care during the final years of our lives (which will most likely coincide with the final years of retirement) can seem overwhelming. Thus, it might be time that we, as a society, begin to think and talk about how to reign in those medical costs. There has been chatter over the past few years of the creation of a long term care insurance or offering by the government that would go beyond Medicaid or Medicare, but the specifics have yet to be discussed and I’m sure the topic of funding it will make it a novel pipedream. Regardless of whether a long-term care insurance is ever offered by the government, it’s important that you think about how you will pay for the associated costs that come with growing old in America. Yes, you could buy long-term care insurance through work–if your employer offers it–but many employers don’t and many insurance companies have stopped offering such products as they are expensive and few employees take advantage of them. If you are younger and your employer offers the opportunity to start a Health Savings Account (HSA), then you would do well in invest in such a product too. HSAs are great as you can take them with you from employer to employer and you can invest the money and grow it over time so that when you do retire, you can have a good chunk of change saved up for qualified medical expenses. Finally, there is your nest egg, which will probably be made up of investments, assets, retirement accounts, and other funds. You will want to think about how you will want that money to be divided up and whether your nest egg can cover both your future medical expenses as well as your future retirement costs (i.e. food, vacations, home repairs, etc.). No matter where you are in your retirement saving journey, you will always need to consider aging and medical costs as an important part of your retirement plans. Otherwise, you may find yourself scrambling to cover costs that may not be included as part of Medicare. So, have you thought about the costs of aging in America?