How to plan for post-retirement medical expenses
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Last updated 1/19/2023 at 5:26pm
People need to be aware of the potential costs of medical care in retirement and plan ahead so they can meet those obligations if and when the need arises. Village News/Metro photo
When individuals retire, they not only walk away from work, but also relinquish their steady paychecks. For many, retirement can be a potentially risky financial endeavor. Saving for retirement is a great way to mitigate such risk, but unforeseen expenses, such as medical bills, can quickly derail a retirement plan.
Many people have a greater need for medical care as they get older. The Fidelity Investments Retiree Health Care Cost Estimate indicates health care can be one of the biggest expenses a person will take on in retirement. The average 65-year-old couple who retired in 2021 in the...
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