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The typical retiree spent $4,274 per year on medical costs, not including long-term care. (Photo: Shutterstock)

Retirees spent on average more than a third of their Social Security benefits on out-of-pocket medical costs in 2014, according to a recent study. Even after factoring in other sources of income, medical spending still took a substantial 18 percent bite out of seniors’ total retirement income, the study found.

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