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What Costs More in Retirement

A 2012 survey finds that many of today’s middle-income retirees are nonetheless caught off guard by health care expenses once they stop working.
The study, conducted by Bankers Life and Casualty Company Center for a Secure Retirement, involved 300 retirees between the ages of 55 and 75. Their household incomes ranged between $25,000 and $75,000.

What Costs More in Retirement than You Think It Should?

The most frequent answer was health care.

The list of the top six expenses that are higher than what retirees expect are:

  • Health care costs – 55%
  • Groceries – 41%
  • Auto costs – 38%
  • Prescription drug costs – 33%
  • Utility costs – 22%
  • Entertainment – 20%
  • Housing, gas, and taxes were also among the list of expenses that took retirees by surprise.
    Source: WebMD, July 19, 2012

Planning For Long-Term Care Needs

Planning for long-term care needs can help offset very high medical costs when more extensive care, such as that provided in nursing homes, is necessary. Most people don’t realize that Medicare does not pay for the cost of long-term nursing care. Planning for retirement is an essential component to your retirement success. Let me help you do that! Call me toll-free 1-866-471-7233