When planning for retirement, the key goals typically involve ensuring financial stability, experiencing life fully, and preserving and growing assets. Most people aim to balance their financial resources to ensure their money lasts throughout their retirement, while also enjoying their favorite pastimes and new adventures.
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Health insurance is essential for managing both expected and unexpected health care costs. It provides financial protection against the high costs associated with serious illnesses and accidents, ensuring that most medical expenses are covered by a third-party payer rather than out-of-pocket. This financial safety net is crucial because it's difficult to predict annual medical expenses, which can vary significantly depending on one’s health status each year.