plan is free for most people over 65, there are still out-of-pocket costs, such as deductibles, copayments, and prescriptions, to factor in. But Medicare doesn't cover everything — many retirees pay extra for supplemental health insurance called Medigap.
Medicare doesn't kick in until age 65, so early retirees have to find coverage elsewhere — whether through a former employer, a working spouse's insurance plan, or a private insurer. Costs for these types of health insurance run high.It's always good practice to diversify investments. But the closer you get to retirement, the less risky and more varied your investments should be, since you'll need the money in relatively short order.
No matter the scenario, you'll probably want to run the numbers to figure out the costs of selling and buying a new home — or even renting. One other major factor to consider: The cost of living where you want to live.,"Downsizing within the same neighborhood is likely to save you money. But moving from an affordable area to a city center or a more expensive state could actually cost you more.