Healthcare

You should know that people spend more on medical care after they retire. As Fidelity Retiree Health Care Cost Estimate states, an average 65-year-old retired couple may need to save about $300,000 (after taxes) to cover their healthcare costs.

This clearly depends on how healthy you are. Also, you should be aware that there can be some unpredictable affections that require spending more money on healthcare.

According to a report from the National Council on Aging, 84% of people 65 and older have at least one chronic condition. Looking after yourself includes spending money on prescription medication, medical supplies and medical services.