Just when your 401K has become a 201K we get the news that health costs for those retiring continues to climb. A couple retiring this year will need about $240,000 just for medical expenses today, an increase of +6.7% from last year. The costs come from deductibles, co-pays and situations that aren't covered by Medicare.
Want more good news? Only 12% of companies today offer insurance for retired workers according to the Employee Benefit Research Institute (EBRI). The reality is many people will continue working just for their health care.
The best advice? Start saving now not only for retirement, but for retirement health expenses.
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