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Soon-to-be retirees can expect to spend more than $377,000 on health care in retirement, according to HealthView Services' 2016 Retirement Health Care Costs Data Report.
Retiring in 10 years? Then you can expect to put 88 percent of your lifetime pretax Social Security benefits toward health care costs (compared to the 57 percent that retirees pay today).
While those numbers may sound scary, with some smart planning—and the expert advice below—you can ensure you'll be able to comfortably cover your health care costs in retirement.
If you plan to retire at age 65 or later
"Planning at this age is easier because your costs are more fixed, thanks to Medicare eligibility," says Ash Toumayants, founder of Strong Tower Associates, based in State College, Pa. To get an idea of what Medicare coverage you would sign up for once you retire, and what that coverage would cost, visit medicare.gov.
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