Planning for Retirement

Consumers urged to begin planning for retirement health costs early.
The Boston Globe (10/31, Cooney) reported that "many aging Americans...haven't even broached the topic of paying for healthcare, which can cost $10,000 a year once they retire. Financial planners and retirement specialists say people should prepare now for the day when paychecks stop coming, but medical bills start climbing." Data show that "couples retiring this year will need at least $250,000 to pay for healthcare over the rest of their lives...and those costs are only likely to increase." As a result, "financial planners say, people will need to replace much more of their working income after retirement."