7/8/2015 – Managing a Retirement X Factor: Health Care (U.S. News & World Report)

Health care is a constant area of stress for people as they approach retirement. In fact, according to the Voya Retire Ready Index, 91 percent of workers are concerned about their ability to cover health care expenses in retirement.

This comes as no surprise when you consider how health costs have risen over the past few years, especially compared to relatively slow growth around workers’ wages and Social Security benefits. A recent study from HealthView Services found that estimated health care costs for a retired couple have grown 6.5 percent since just last year. And costs are likely to continue to rise, with expected health care inflation of 5 percent to 7 percent over the next eight years, according to the year-end 2014 summary from the Centers for Medicare and Medicaid.

Many preretirees assume that when they turn 65, Medicare will take care of retirement health decisions, but often that is not enough. Having a strategic plan for health care and saving diligently while working are just as important as figuring out where you’re going to live and how you will spend your time.

Read the full article in U.S. News & World Report.