20 Financial Considerations for Retirement
12. Don’t Forget about Health Care Costs
A huge financial consideration for retirement is both planned and unplanned health care costs. Although everyone is mandated to have Medicare coverage in the United States, retirees typically need to purchase additional health coverage through either a past employee or through an insurance provider to cover all their needs. Studies show that most couples retiring today will need to plan to pay up to several hundred thousand dollars over the course of their retired years in both health insurance premiums, co-pays, and out-of-pocket costs. One of the biggest mistakes that one can make is to ignore this major factor when planning for retirement.
