People in their 50s, 60s and 70s wear many hats: taking care of elderly parents, financially supporting grown children, working full- or part-time and volunteering in their communities—all while managing their growing healthcare needs. Baby boomers have redefined retirement, and today it looks completely different than it did a generation ago.

There are reasons for that: People who are of retirement age now face a greater number of post-work years because we’re living longer. Retirement might last decades. Americans who reach age 65 could live another 20 or 30 years according to the CDC. And while that sounds impressive, for many people, rising healthcare costs make these extra years just plain unaffordable.

At the same time, other costs are climbing—in part, triggered by inflation. By some estimates, if healthcare inflation continues to rise at 1.5 times the Consumer Price Index for two years, total lifetime retirement healthcare costs will increase by $85,917. Additionally, it’s more challenging for today’s younger generation to afford schooling and housing, so parents and grandparents who can are helping out. Some have to make tough decisions between spending on their own healthcare needs and leaving a lasting legacy for their kids and grandkids. Others are petrified they’ll outlive the money they’ve saved. But it doesn’t have to be this way.

In this environment of longer life spans and rising costs, it’s critical to think differently about retirement. You want to stay healthy so you can spend time with your family. You also want your retirement dollars to go toward living, not just fending off illness. In that context, retirement planning isn’t a luxury. It can’t be an afterthought. It’s a cost of living.

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