As 4 million Americans prepare to retire this year, many may face unexpected financial stress due to inadequate planning. Key challenges include rising healthcare costs, which Fidelity estimates at $165,000 for those retiring in 2024, and a lack of sufficient retirement savings, with median savings around $200,000 for those aged 65-74. To combat these issues, individuals should consider bolstering their savings, possibly seeking additional income through extended work, and exploring options like health insurance and long-term care coverage.
It's important to plan for healthcare expenses accordingly. Fidelity estimates that the average 65-year-old retiring in 2024 needs $165,000 to cover healthcare costs.
A lot of people underestimate their healthcare costs in retirement, leading to unexpected financial stress during what should be a relaxing time.
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