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Healthy savings for now, and later: tax-free health savings accounts can ease the burden of medical costs in retirement.(A HEALTHY RETIREMENT)
- Article from:
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Kiplinger's Retirement Planning Guide
- Article date:
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September 22, 2007
- Author:
- Anderson, Thomas M.
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Copyright informationCOPYRIGHT 2007 The Kiplinger Washington Editors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WHETHER YOU'RE CONTEMPLATING AN EARLY retirement or have a more traditional timetable in mind, you need to think about how you will pay for health care once you leave your job. Health-care costs are one of the biggest expenses you will face in retirement, but employer-provided retiree health benefits are going the way of gold-watch retirement parties (see "Create a Pension Backup Plan," on page 52).
If you retire early, buying health insurance on your own during the years between your last paycheck and age 65, when you qualify for Medicare, can be incredibly expensive--assuming you can get coverage. Even if you wait until 65 to retire, you'll ...