$500,000 Surprise: Health Care Sticker Shock Awaits You in Retirement
Young or old, it’s crucial to plan for steep medical expenses ahead. What you need to know.
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One of the hardest expenses to plan for in retirement could be the biggest: health care. It will pay to err on the high side.
U.S. retiree health-care costs are likely to increase at an average annual rate of 5.5 percent over the next decade. That's nearly triple the 1.9 percent average annual inflation rate in the U.S. from 2012 to 2016 and more than double the projected cost-of-living adjustment (COLA) on Social Security benefits.