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Grim News On Health Costs In Retirement

If you need a reminder that Medicare covers only a portion of retiree medical expenses, check out this report. Released Wednesday by HealthView Services, a Danvers, Mass., company that provides retirement health-care cost data and tools to financial advisers, it finds that a 66-year-old couple retiring this year with average Social Security benefits can expect medical costs to consume 67% of the Social Security they will receive in retirement. When people plan for retirement, many expect “Social Security will cover at least their fixed expenses,” including food and shelter, says Ron Mastrogiovanni, founder and CEO of HealthView Services. Thanks to the rising cost of medical care, retiring baby boomers, he adds, “are in for a rude awakening.” Read more…

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