As surprising number of retirees do not have a Financial Planner. Event those with a Financial Planner have mostly focused on building a nest egg not Medicare planning.
In fact most have never done any planning for retirement.
Having an experienced Insurance Agent, who's entire client base is over 65-years or those considering retirement, is the best investment you can make.
If you are still working, middle aged, and not ready for retirement. Here is an estimated timeline you need to start planning for. Here are the basics you should know:
1) At age 50 start making catch-up contributions to your 401(k)
2) Know that at age 59 1/2 there are no more penalties on early withdrawals from retirement accounts.
3) At age 62 you can start receiving Social Security checks but the amount will be reduced. At age 65 you are eligible for Medicare benefits or you can continue to work.
4) If you continue working, at age 67 you are eligible for full Social Security distributions.
5) At age 70 1/2 is when you must start taking withdrawals from most retirement accounts or be charged heavy tax penalties. You can convert retirement account monies over to other insurance products and reduce or eliminate mandatory taxes. Medicare Retirement Planning
If today your reasonably healthy, with no history of chronic diseases it still is possible. If your lucky enough to have a healthy family history and you have been taking care of yourself, then most likely you will live much longer.
So, yes you can outlive your money with unexpected health care.
Even if your health falls short in these areas, with innovations is medicine and medications, chances are that you could still out live your money. As well all know, medical costs can wipe out your nest-egg.
Medicare does not cover everything. Their are other insurance options to extend your money or reduce your tax footprint should a Medicaid spend-down be needed.
As we age and live longer we are slowly depleting our nest egg. Downsizing can extend this slow financial trickle. However, many are overwhelmed by the thought of financing their future long-term care or living expenses.
In many cases the solution is reviewing your current insurance policies. You can convert Whole Life or Universal Whole Life policies over to cash to pay for long-term-care or assisted living
You can enroll (up to age 80) into a Hybrid Whole life policy with a long-term-care rider and offset the costs of assisted living or long-term-care.