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A recent survey from T. Rowe Price finds that health care costs are the top spending concern of retirees. This comes as no surprise as some studies predict that a 65-year-old couple may need up to $400,000 to cover health care costs in retirement. But these estimates don’t provide an accurate picture of what most retirees will encounter.
Such daunting numbers give an impression that it will be difficult for most retirees to afford health care in retirement. We believe that planning for health care costs in retirement can be made simpler by using the available assets and income retirees have. But we need to approach calculating health care costs differently.
When trying to plan for future health care expenses in retirement, consider these three things: