Published: Monday, 2 Dec 2013 | 10:09 AM ET
By: Andrew Osterland, Special to CNBC.com
All three financial advisors interviewed say the wild card—and potential budget killer—is health care. According to Ward, a couple over age 65 can expect to spend $600 per month each between contributions to Medicare, any Medicare supplemental plan and out-of-pocket medical costs.
"It's the biggest expense for retirees," he said.
If a health crisis necessitates long-term care, the expenses can be crippling. Long-term care insurance costs approximately $200 per month per person; people should determine whether they want coverage now or will pay for potential costs out of their own pockets should the time come. Wealthy, poor and single people may choose the latter option, but insurance is probably a good idea for the bulk of middle-class married couples.
"We generally recommend long-term care insurance for most people," Edelman said. "It's usually health care that causes a crisis for people in retirement."
—By Andrew Osterland, Special to CNBC.com
Something to share; the National & State Do Not Call List:
888-383-1222 National Do Not Call List
866-231-2255 State Do Not Call List
888-567-8688 Credit Card Do Not Call List
Just call to get on the listing.
WHAT YOU SHOULD KNOW ABOUT
THE NATIONAL DO NOT CALL REGISTRY
The National Do Not Call Registry gives you a choice about whether to receive telemarketing calls at home. Most telemarketers should not call your number once it has been on the registry for 31 days. If they do, you can file a complaint at this Website. You can register your home or mobile phone for free.
FRIDAY, JULY 13, 6:30-9:30pm at The Falmouth Art Center, 137 Gifford Street, Falmouth
Cocktails, sumptuous hors d'oeuvres by Chef Roland, music, and a fantastic Silent Auction at the Falmouth Art Center in the gallery and under a magical tent on the back lawn. Reservations are $75 per person. Call 508-540-3304, or Register Online to make reservations. Please note that tickets are not mailed; your name will be held at the door.