This Retirement Expense Could Cost You $172,000, and You're Probably Not Ready for It

When we think about the things we'll spend money on during retirement, a few common items may come to mind: housing, transportation, food, entertainment, and Medicare premiums. An older American turning 65 today has an almost 70% chance of needing long-term care in the future, the U.S. Department of Health and Human Services says. First, you can always pad your retirement savings in the hopes that they will suffice.