For Older Adults, Healthcare Costs Are a Major Expense

Retirement saving is a foundational part of any well-crafted financial plan. Ideally, retirement savers will set aside enough money to fully enjoy life after their careers, but that’s not the only reason why it’s so important to save for your golden years.

Healthcare costs are a major expense in retirement—even for people enrolled in Medicare. A study by the Center for Retirement Research at Boston College found that the average Medicare beneficiary spends 25% of their Social Security benefits on out-of-pocket health care costs. 

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