How to Prepare for Retirement at 65-Business Insider Excerpts from Business Insider

"Medicare is an excellent resource for retirees needing health care support, but here's a wake our call: It doesn't cover all long-term care.

Medicare coverage excludes extended nursing home stays, custodial care, or an in-home to help out if you're unable to dress, feed or bathe yourself.

Medicare pays for limited nursing home -health care for short periods to provide continuing care after a hospital stay."

According to Susan Garland, Editor of Kiplinger's Retirement Report "Many studies show that some retirees even spend more in retirement than they did when they were working"

"In the early years, you may be embarking on long-delayed travel and hobbies. And as the years go by, your health care costs are sure to rise. House related maintenance costs, insurance and property taxes will increase.

A 65 year old couple retiring in 2012 is estimated to need $240.000 to cover medical expenses throughout retirement.