Did you know that the average 65 year old couple retiring in 2015 will incur in excess of $266,000 lifetime health care costs? It is also expected to rise to more than $320,000 in 10 years! Please note that this figure does not include any Long-term care expenses. A big part of this is caused by rising health care cost inflation.

Most folks up until their retirement age while working were subsidized by their company sponsored health insurance plan. Now we must give some thought to paying for healthcare during retirement.Too many people have thought that Medicare will provide all the goods and services for citizens when they reach age 65. Not totally true. Retiring Americans have a real issue to deal with as reports reveal healthcare is 33% of all household expenditures over 60 years of age.

A large part of our discussion with perspective clients includes the accounting of healthcare expenses and appropriate strategies that will provide funds just for these expenses as well as products that will protect against out of pocket expenditures. We have software that produces reports detailing how much your expected expenses would be based on a number of variables, like age, retirement age,health status, income and others. From there we are able to create a strategy to fund all or most of these costs.

Not all advisors consider this huge responsibility that will be placed on each of us relative to the healthcare costs during retirement. It is important to make sure that the funds are there when needed. Reducing market volatility and growing tax deferred are key components for success to achieve this very much needed value.

If you would like your own individualized health care report detailing how much you can expect to pay and then a viable investment strategy to fund these costs  meet with Neal Mandelbaum, President of Fairway Financial LLC of Danvers, Mass.