Retirement planning isn’t an exact science. It’s impossible to predict exactly what your expenses will be next year, much less far into the future. But it is possible to make educated estimates. And when you’re estimating how much you’ll spend after you retire, make sure to allocate a large and rising budget for healthcare costs. Experts say that many Americans may be underestimating how much they’ll spend on healthcare in retirement. Because healthcare costs rise faster than Social Security cost-of-living adjustments, the average retiree faces a bigger medical bill over the course of his or her life than Social Security can cover, according to a recent study. That’s why it’s so important to conduct smart financial planning to ensure that your sources of retirement income will provide more than enough cover all of your needs.