If you can afford average health care costs as you get older, you’re half-solving one of the most vexing problems in retirement planning. When it comes to bills, medical costs aren’t cheap. Unfortunately, as we get older, our bodies become more and more strange. That means more trips to the doctor, more prescriptions filled, and more money spent on treatment.
Average monthly medical expenses exceed $1,000 by age 60. So it’s no wonder that 80% of respondents answered health insurance. RBC Wealth Management Survey They said they were concerned about funding for medical expenses after retirement. And planning for health care costs will become even more important given that Medicare will be underfunded over the next decade.