You can drain your retirement savings because of the large, growing cost of health care.
The Employee Benefit Research Institute recently outlined how much individuals and couples will need to budget for health care in retirement. A couple retiring in 2013 with median drug expenses would need $151,000 earmarked for drug costs.* With $151,000 the couple would only have a 50% chance of having enough money to cover health costs later in life.** The need for money is even worse for those in the 75th and 90th percentiles. If that same couple is in the 90th percentile for drug expenditures and wants to have enough after the cost of health care, they would need $220,000.
These staggering costs are making it difficult to actually enjoy retirement. There are several ways to attempt to protect yourself from the increasing costs of health care:
Taking smart action on these items increase your chances of surviving the astronomical costs of health care and retirement.
Be smart. Plan.
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