Looking to Reduce Your Medicare Costs in Retirement? Here Are 3 Smart Moves
There's a reason retirees are often told they can get away with replacing 70% to 80% of their income without needing more. A lot of costs tend to shrink in retirement.Many seniors no longer have a mortgage to pay for and can do more home maintenance themselves since they're not busy working. And not having to report to a job means not spending money on a daily commute.But if there's one expense that tends to increase among retirees, it's healthcare. For a 65-year-old leaving the workforce in 2024, Fidelity puts the average cost of healthcare in retirement at $165,000. And part of that includes expenses related to Medicare.Continue reading
There's a reason retirees are often told they can get away with replacing 70% to 80% of their income without needing more. A lot of costs tend to shrink in retirement.
Many seniors no longer have a mortgage to pay for and can do more home maintenance themselves since they're not busy working. And not having to report to a job means not spending money on a daily commute.
But if there's one expense that tends to increase among retirees, it's healthcare. For a 65-year-old leaving the workforce in 2024, Fidelity puts the average cost of healthcare in retirement at $165,000. And part of that includes expenses related to Medicare.
