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Healthcare Costs in Retirement…Often Overlooked in the Planning Process
Predicting cash needs in retirement is a daunting task. It often focuses on day-to-day living expenses (e.g., housing, food clothing, travel, etc.) compared to expected income streams (e.g., Social Security, interest on savings, retirement account withdrawals, etc.). That makes sense, of course, but many approaching the retirement milestone often fail to assign adequate weight to the cost of healthcare they’ll likely face in their later years.
A post by The Motley Fool’s Christy Bieber on their website examines the potential risk in not taking full account of what could happen concerning healthcare costs. Her article notes, as an example, a recent study by Employee Benefit Research Institute suggesting that a senior couple with high prescription drug needs could require as much as $413,000, and offers commentary on options that should be considered to mitigate large expenditures like this. Read her post here.
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