Medical costs will likely impact your retirement - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Medical costs rise for retirees

Think you're paying a lot for healthcare now? Money Expert Nathan Bachrach says it won't really get any better when you retire.

The folks at Fidelity Investments say couples retiring in 2012 can expect medical bills in retirement to cost four percent more than those who retired last year.

They estimate a couple will need $240,000 just for medical costs. Fidelity's estimate applies to a 65-year old couple retiring in 2012 with Medicare coverage. 

But it does not include the cost of dental care or long-term care.

"If you're one of the lucky few who does have retiree healthcare from an old employer, my advice is don't count on it," adds Nathan. "Most policies include clauses that allow the company to modify the coverage or end it at any time."

The moral of the story - your retirement fund needs to be big enough to pay for your housing, food, and healthcare.

One solution is to work longer. That means more money saved up and higher social security benefits, too.

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