Tag: retirement plan

There is plenty you can do to avoid running out of money in retirement. Planning is the key. Some retirees just plunge in. More often than not, that gets them into trouble. Following are eight money mistakes people nearing retirement make, and how to avoid such foibles so they don’t crack your nest egg. Mistake 1: Not Planning for Medical Expenses Medicare kicks in at age 65, but that’s not the end of your medical expenses. Fidelity Benefits Consulting estimates a 65-year-old couple who retired in 2014 will need $220,000 of their own money for medical expenses over the course of retirement. Such costs include deductibles for Medicare Part A and Part B (inpatient and outpatient insurance) and premiums and out-of-pocket costs for Medicare Part D prescription