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Retirement “Financial Fitness” Requires Understanding of–and Planning for–Medical Costs
“A 65-year-old couple who retired in 2016 will need about $288,000 (in today’s dollars) during retirement just to pay Medicare Parts B, D and supplemental insurance, according to HealthView Services, a company that provides health care cost projections for financial services firms. If out-of-pocket costs such as deductibles, co-pays, hearing, vision and dental are included, the lifetime figure rises to about $377,000 in today’s dollars.” This opening paragraph from Marty Dobbins in a post on The Rogersville Review website should grab your attention and cause you to take a deep breath as you review your planning for retirement cash flow. And that’s not the whole picture, since long-term care costs still need to be considered. But while you may not be able to avoid incurring these costs, awareness of how they could affect you in your retirement years is an important piece in the retirement financial planning process. Dobbins’ article stresses this importance; read it here…
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