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An Arm, A Leg and a Liver
Retirement planning often includes living and travel expenses, but sometimes people forget to account for healthcare—which will probably be among the largest expense you incur in later life.
The Wall Street Journal reports that the Center for Retirement and Research at Boston College estimates 44% of working-age households will not be able to maintain their standard of living in retirement. Factor in healthcare costs and the number rises to 61%. Out of pocket costs for those retiring at 65 over the next couple of years are projected to run up to $205, 932 per couple. By 2040, it will cost $491,534. Make sure you’re planning for the healthcare aspect of retirement, and while you’re at it, do all you can to be healthier. Every day you’re active is hopefully one less day you’ll have to spend in a doctor’s care! [Wall Street Journal]