With Baby Boomers approaching the retirement years in record numbers, unprecedented healthcare costs will mean many won't enjoy the standard of living they had during their working years, Bankrate reports.
According to recent research from the Urban Institute and AARP Public Policy Institute, healthcare costs are rising faster than wages. Instead of 80 percent of their average career earnings, retiring Boomers can expect only 73 percent to line their nest egg.
At the same time, annual healthcare costs have risen from about $2,900 in 1990 to over $8,400 in 2010. Adding that to the retirement formula, the projected income for tomorrow's seniors drops to 55 percent of career earnings, Bankrate says. Your best self-defense: Stay healthy, bargain shop, and save. Read more.