Healthcare costs in retirement are higher than expected, eating up a third of Social Security income and nearly a quarter of total income. Out-of-pocket expenses include premiums, copays, and uncovered services, with medical inflation projected to outpace Social Security COLAs. Retirees are urged to prepare for rising healthcare expenses.

For many seniors, Social Security benefits provide a significant portion of income, with some relying on it as their sole source of income. Women typically receive smaller monthly checks due to factors like lower pay and time out of the workforce. Healthcare costs are projected to increase, putting a strain on retirees.

Medicare Advantage plans may seem appealing initially, with no premiums in the early years of retirement. However, costs can escalate as care needs increase, especially if services are out-of-network. Traditional Medicare may offer more flexibility and fewer restrictions on care.

To manage rising healthcare costs, retirees can work longer, contribute to health savings accounts, delay claiming Social Security benefits, and budget for potential expenses. Engaging with the healthcare system, questioning care, and being proactive about expenses are crucial for financial security in retirement.

Read more at Yahoo Finance: Healthcare costs are eating into Social Security checks