The biggest new cost when you’re done in the workforce could be health care
The least fun aspect of retirement planning is figuring out how much you’ll spend on dental and medical costs.
Sheldon Craig, a certified financial planner , said $300 a month for a couple. Steve Bridge, also a CFP, said $4,000 a year per couple, depending on the situation, while CFP Zael Miransky suggests people look at what their current health-related bills would be if they didn’t have any sort of coverage and then add 10 per cent.
The starting point of effective retirement planning is figuring out how much money you’ll need after you leave the work force. Health-related spending could be the hardest calculation for people who have worked for an employer with benefits covering at least some of the costs of dental care, prescriptions, glasses, chiropractic care, physiotherapy and more.
A fortunate few retirees will continue to benefit from workplace health and dental benefits, possibly with age limits on coverage. The human resources and pension consulting firm Mercer Canada says its database of workplace health plans shows that about 20 per cent of companies with 500 or more employees currently offer benefits to retirees.
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