What is One of the Highest Expenditures in Retirement?

One of the highest expenditures in retirement is healthcare. Finding ways to optimize your spending on healthcare can help protect your retirement finances in the long run. In 1960, healthcare spending as a percentage of U.S. GDP was only 5%. In 2021, spending hit 18.3% of U.S. GDP, almost quadrupling spending over 60 years.1 The average retiree aged 65 is going to spend close to $315,000 on their healthcare over the rest of his or her lifetime.2 That does include costs such as Medicare premiums, prescription drugs and other out-of-pocket expenses. However, that number does not include any long-term […]