3. Read up on healthcare costs

healthcare costs 1

We all know that healthcare can be expensive at any stage of life, but you may be shocked to learn that the average 65-year-old man today will spend $189,687 on medical care throughout retirement, while the average 65-year-old woman will spend $214,565. Ouch. Worse yet, these figures don't account for long-term care — something 70% of seniors 65 and over are statistically likely to need.

The good news, however, is that the more you educate yourself on what senior healthcare costs might look like, the better equipped you'll be to manage and keep them to a minimum. Along these lines, it pays to look into long-term care insurance, which can help defray some of the astronomical costs seniors face when they inevitably wind up needing nursing home or assisted living care.

First published December 6, 2018: 4:07 PM ET

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