Medical costs will likely impact your retirement - AmericaNowNews.com

Medical costs will likely impact your retirement

Think you're paying a lot for healthcare now? Money Expert Nathan Bachrach says it won't really get any better when you retire.

The folks at Fidelity Investments say couples retiring in 2012 can expect medical bills in retirement to cost four percent more than those who retired last year.

They estimate a couple will need $240,000 just for medical costs. Fidelity's estimate applies to a 65-year old couple retiring in 2012 with Medicare coverage. 

But it does not include the cost of dental care or long-term care.

"If you're one of the lucky few who does have retiree healthcare from an old employer, my advice is don't count on it," adds Nathan. "Most policies include clauses that allow the company to modify the coverage or end it at any time."

The moral of the story - your retirement fund needs to be big enough to pay for your housing, food, and healthcare.

One solution is to work longer. That means more money saved up and higher social security benefits, too.

Copyright 2012 America Now. All rights reserved.
  • Most Popular StoriesMost Popular StoriesMore>>

  • Fugitive Friday: Central Virginia's Most Wanted

    Fugitive Friday: Central Virginia's Most Wanted

    Friday, August 15 2014 12:22 PM EDT2014-08-15 16:22:58 GMT
    Fugitive Fridays tracks down Central Virginia's most wanted. Take a look at the photos and see if you can help police track down these suspects.
    Fugitive Friday helps track down Central Virginia's Most Wanted.
  • Six deadly foods for dogs

    Six deadly foods for dogs

    Every pet owner knows a dog can get into just about anything around the house. One woman found that out the hard way when her dog ate a bunch of grapes! Turns out, that's one of the most dangerous foods
    Every pet owner knows a dog can get into just about anything around the house. But these common snacks could be fatal for Fido.
  • Physicians warn against giving melatonin to children

    Physicians warn against giving melatonin to children

    Parents desperate to get their troubled sleepers to bed are turning to synthetic melatonin, which is a supplement sold over the counter. But expert warn it could have adverse effects on child development.
    Many adults turn to sleep aids like melatonin, but now more parents are giving them to their kids, too. We talked to physicians to see what they had to say about how it could affect your child's development.
Powered by WorldNow