An often overlooked expense when saving for retirement is the cost of healthcare. In deciding when to retire, many people average out their yearly salaries and decide how much they will need to sustain their current lifestyle throughout retirement.
I logged onto the Healthcare Exchange and ran a retirement scenario at age 55. If I made the average American income of $56,000 a year after retirement, I would have a minimum monthly payment of $132.79 a month with a deductible of $15,800.
If you plan on working until you are 65, you may have an easier time in retirement covering your health care costs than if you retire early. However, even with a retirement directly into Medicare, you may still spend $285,000 over your lifetime in healthcare related costs.