One of the most significant, yet overlooked, expenses in retirement is the cost of health care. According to the 2024 Milliman Retiree Health Cost Index, a healthy couple will need to have about $395,000 saved just for health care expenses.
While there are federal programs in place to help retirees manage these costs, additional charges can be triggered if your income exceeds a certain threshold. A prime example is Medicare's income-related monthly adjustment amount (IRMAA).
