Every day, 10,000 baby boomers enter retirement. With thatin mind, financial experts are trying to raise awareness of twofacts: We are living longer, and we are spending more.
Recently updated mortality tables by theSociety of Actuaries show the average 65-year-old male will live tobe 86.6 years old; the average female, 88.2. For many Americans,this increased longevity means a quarter-century-long retirement.And during that time, rising out-of-pocket health care costs areexpected to drain the average retiree’s savings.
HealthView Services, a health care cost-projection softwareprovider, recently updated its out-of-pocket cost estimations. They show that healthcare inflation, along with increased longevity and cost-shifting,is driving projections upward. The average healthy couple retiringthis year is expected to spend $288,400 on Medicare andsupplemental core care premiums. Add dental, vision and hearingcare, and the total becomes $377,412.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
