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# How to Avoid Ruining Retirement

Another Trip to the Doctor?
Not preparing for healthcare in retirement is something that we have recently had to think about. There is a good possibility of Medicare not being able to meet our needs in the future or we may need our own health insurance to carry us until Medicare kicks in. Being prepared to pay for premiums or medical expenses in retirement is becoming a necessity. A 2004 study found that an average retiree spent 22% of their income on healthcare costs. For someone on a $50,000 a year retirement income, this equates to $11,000 per year. Take that over a 25 year retirement and you are up to $275,000 for healthcare costs alone. Long-term care such as nursing homes or in home assistance is another cost that should be prepared for. With less and less employers covering healthcare in retirement, this is another area that is often overlooked when planning for the future.
Avoiding these financial mistakes will determine your quality of life in retirement. The next step is to get started. There are many brokerage firms that will educate you about your options at no cost. They can help you open a retirement account or determine if you are contributing enough to your current retirement account. The can also help you decide on what types of investments are appropriate given your age, timeframe and risk tolerance. The most important thing to remember is that it is never too late to start saving and even a little money set aside makes a big difference in the long run.
About the Author
Emma Snow is a writer who specializes in financial planning. She has worked in the financial industry for over eight years. Currently Emma works on a Finance and Investing site at http://www.finance-investing.com and Investing Partners http://www.investing-partners.com

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