Let's say you're a married couple turning 65 this year and you have one million dollars saved for your retirement. Assuming you only have Medicare and no health-care coverage from previous employers, plan on about ? of your million dollar nest egg being used for medical expenses.

If you're a teenager, working at McDonalds, plan on saving much more than one million dollars before retiring. That means begin saving now! I know, 65 years old is ancient to you and you think you will never be old. That's what a lot of people who are 65 today said back in their childhood!

Time to Save for Retirement

The bad news is that medical care costs for doctor visits, diagnostic tests and new technology are increasing as health care plans, offered by employers, provide less coverage or do not exist at all.

The good news is that there may be hope for changes in the health-care industry as the Obama Administration has made it a priority to reform the health-care system and establish coverage for everyone. If all goes well, it could reduce expenses for retirees; however, we cannot take it for granted.

The solution is to start saving and investing now. Whether you're a teenager working at a fast food place or an entrepreneur making big bucks, it is important that you save for your retirement. It's not like you have to worry that you will be wasting your effort by over-saving! Since when is too much money a bad thing?

How to Invest

Obviously, the higher average annual return the faster you will reach your savings goal. If you invest in stock, different types of stock will average a different amount in return. The degree of risk is also factored in, meaning, the higher the risk potential, the higher the return, if the stock does well.

Financial advisors say the younger you are the more aggressive you can be. Obviously, someone who is 55 ? 60 is not going to invest in aggressive stocks as they stand a chance to lose their money by the time they need it most.

If you are in your early 20's, and you have money in mutual funds or in other stock, and its value is declining, don't be alarmed. Many economists say to leave it where it is because you don't need it now. It is predicted that things are going to begin to improve well before you retire.

Michael McGee, retirement planning expert, can help you with your financial analysis and steer you in the right direction with advice as to which type of account(s) you need to establish for your future needs. Whether you wish to save for a vacation in the next few years, college tuition for children, retirement or long-term health care, Michael can formulate a plan for you. For more information, visit http://financialplanningwaynecounty.blogspot.com/