Year after year, we hear from friends and family about their goals and they usually relate to two familiar themes: losing weight and getting a better hold of their personal finances.
For many about to turn 65 or enroll in Medicare for the first time since retiring, deciphering the government sponsored health care system and all of its parts can be confusing and seem like a daunting task. This week we’ll try to, at a high level, demystify Medicare and provide a working knowledge of the system.
According to Fidelity's latest Retiree Health Care Cost Estimate, a 65-year-old couple retiring in 2016 will need an estimated $260,000 to cover health care costs in retirement.
With a $7,000 per month price tag (and growing), a long-term nursing home stay could easily wipe out a lifetime of savings.