Paying Medical Expenses Is a Struggle
You might have a few medical bills now, but you'll likely have more as you get older. So, if you're having a hard time finding the money to pay for your current medical bills, you'll probably have an even harder time paying medical expenses when you enter retirement.
HealthView Services' 2017 Retirement Health Care Costs Data Report found that a 65-year-old couple that retired in 2017 — and is covered by Medicare Parts B, D and a supplemental insurance policy — can expect total healthcare premiums and out-of-pocket expenses to total an average of $404,253 in today's dollars. But for a 55-year-old couple retiring in 2027, that cost jumps to $498,962 and soars even higher — up to $635,142 — for a 45-year-old couple planning to retire in two decades.
So, start saving money now. You don't want to have to worry about not being able to pay hospital bills in the unfortunate event that you get sick or injured during retirement.
Use These Tips: Retirement Survival Strategies for Rising Healthcare Costs