Medicare

There can be benefits in enrolling simultaneously, but there are also incentives to consider in waiting on Social Security instead of claiming benefits at 65 when Medicare kicks in.

A widely held view is that a lot of spending is wasted on “heroic” measures at the end of life, but it’s difficult to know which patients are in their final year.

Social Security benefits will increase 2.8% next year, but some retirees will not see a rise in their retirement paycheck because of Medicare's hold-harmless provision.

A typical Social Security payment is likely to cover basic costs in these areas.

Workers are advised to contribute enough to their workplace plans to get the match even while paying off their college debt.

Those new to Medicare may not realize they need to buy a separate policy to cover prescription drugs. There are some partial exceptions, but even in those cases, coverage can vary.

Among current retirees, the numbers aren't much better: 60% of them have not calculated how much health care costs impact their savings.

Many seniors who succeeded in retirement set their sights on becoming millionaires while they were young.

Employees are advised to start looking for coverage in the marketplace, which will be open for 2019 enrollment from Nov. 1 through Dec. 15.

Advisors should frame health care costs as an annual expense rather than a lump sum, which is demotivating for investors, according to Vanguard.