For many people, one of the biggest concerns in retirement is medical expenses. It's easy to understand. According to Ron Mastrogiovanni, CEO of HealthView Searches, a research firm which provides healthcare data to financial advisers, healthcare costs are on the rise. In general, healthcare costs are increasing 5-7% per year.
In a recent white paper from HealthView Services, data indicates healthcare costs will exert a heavy hand on the retirement landscape now and in the future, too. A healthy couple retiring at age 65 this year will require a little over $266,000 to pay for the costs of Medicare Parts B and B and supplemental insurance for their lifetime. Likewise, for a healthy couple that is 55 years old and retiring 10 years from now, those costs will shoot up to roughly $320,000.