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Getting close to retirement? Here are six key considerations

Health-care expenses typically rise as you age. In fact, the average 65-year-old couple will spend $280,000 on health care over the remainder of their lives, research from Fidelity Investments shows.

Once you reach age 65, you’re eligible for Medicare. So if you retire at or past that age, the government program generally is there for you. However, it doesn’t cover everything. For example, dental, routine vision and long-term care (e.g., help with daily living, such as bathing and dressing) are not included.

The amount you pay for Medicare also depends on a number of factors, including your income, whether you pay any late-enrollment fees and whether you opt for additional coverage and to what degree.

However, if you’re younger than 65, you’ll need to find coverage on your own.

“A lot of people forget that, don’t factor it in or find out they way underestimated the cost,” said Linda Rogers, a certified financial planner and owner of Planning Within Reach in Memphis, Tennessee. “If you’re 65, so you can get on Medicare, retiring is much more doable.”

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