WEAR - Search Results

The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.

Early retirement could cause huge financial burdens

Many people dream of retiring early.
But leaving the workforce sooner, could cause a huge financial burden.

A new study by Fidelity shows that if a couple retires before the age of 65 they'll face an additional $51,000 dollars in medical expenses over those years.
   
And that doesn't include the cost of over the counter medications or long-term care, like nursing homes.

That's because Medicare doesn't kick in until 65.
So without coverage from a former employer.   The couple is footing the bill for insurance themselves.
   
Experts say in addition to a retirement fund people should consider building up a nest egg for healthcare expenses.