A new study projects that a couple retiring this year could spend 67 percent of their lifetime Social Security benefits on out-of-pocket health care costs. And that’s even when couples have Medicare Parts B and D with supplemental insurance.
Whether you're nearing the end of your working life or still several decades away, Americans all share the same financial fear: Will I have enough money to retire?
Carrie Schwab-Pomerantz (yep, Chuck's daughter) doesn't want you to lie awake at night, worrying about whether you'll be able to afford to retire. Instead, she wants you to consult her new compendium for advice, not unlike the way patients thumb through a medical reference guide to learn about a particular disorder.
It could be a costly mistake if you aren't considering health care costs in your retirement plan, financial advisers tell us. According to the latest estimate by Boston-based Fidelity Investments, premiums, deductibles and other out-of-pocket expenses could cost a 65-year-old couple retiring today a hair-raising $220,000 - and that's after Medicare coverage kicks in.
What do these two things have in common? They're both subject to erosion - of the natural and man-made varieties. Obviously you have more control over your 401(k) than what your favorite beach destination will look like years down the road.
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