Ep 104: Are You Planning For THIS Retirement Cost?

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Show Notes

Effective retirement planning involves not only knowing your sources of income, such as Social Security but also having a clear understanding of the expenses that will be incurred from that income. It’s very important to consider all potential costs to ensure a comfortable retirement. In Scott’s experience, there is one cost that many individuals tend to overlook or underestimate, and that’s what we’ll discuss in today’s episode.

Join us as we explore the critical role of accounting for healthcare costs in retirement planning, given that it can significantly impact your overall retirement expenses. Without preparing correctly, you could be in for quite a shock down the road. We’ll take a look at some statistics on healthcare costs for retirees and dive into the ins and outs of Medicare premiums and deductibles. Stay tuned to gain a realistic understanding of the potential monthly expenses associated with healthcare in retirement.

Here’s what we’ll discuss in this episode:

  • Are you planning for Medicare and healthcare costs? [0:43]
  • Healthcare costs can make up a big part of retirement expenses. [4:25]
  • Taking a look at Medicare premiums and deductibles. [6:06]
  • What is IRMAA and who has to pay it? [10:28]
  • IRMAA charges could come back in later years of retirement. [13:32]
  • Are you accounting for inflation with healthcare costs? [16:31]
  • Some factors to plan for when building your income plan. [17:37]

Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here. 

Fidelity’s website

2023 medical inflation analysis 

Taxes Photo