According to a report released by Fidelity Investments released last week, a 65 year old couple retiring in 2012 will spend at least $240,000 in healthcare costs during their retirement (this is on top of their Medicare benefits). Compared to the forecast given last year of $230,000, this update represents a 4% increase. Further, this expenditure forecast does not even include long-term care, over-the-counter medications, nor most dental care expenditures.
Given this significant and growing amount, it is very important to ensure that your retirement plan appropriately accounts to these expenditures. Please be sure to visit a retirement income specialist to have the peace of mind that your plan is sound and does not have to undergo a makeover when it is too late to make changes without significantly impacting your quality of living.