This week, I’m talking about your one year from retirement checklist. When you’re one year out from retirement, there are several things you’ll want to do to help ensure that both you and your finances are ready for you to take the leap into retirement. 

Today, I’m talking about calculating the cost of healthcare in retirement. You’ll want to understand your expected healthcare costs in retirement, even if you’re covered by Medicare, and you really need to do this before you retire. 

Health care costs in retirement are a big expense for most retirees, costing an average of about $1000/month for most of my clients. Yet, most people are blindsided by the unexpectedly high cost of healthcare in retirement, and are disappointed to find out that their costs are still substantial, even with Medicare coverage.

Calculating the cost of healthcare is even more important if you plan to retire before age 65. You can expect to pay double or even more for health insurance and health care related expenses if you’ll need to find another health care option prior to Medicare kicking in. 

The good news is, estimating the cost of healthcare is pretty easy. There are a number of free calculators online you can use to estimate costs in your situation. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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