India, Aug. 3 -- Retirement does not mean your expenses suddenly disappear. Regular bills are still a huge part of your monthly expenditure even if you are someone who is healthy, has already paid off your home and does not plan to travel much.

As a retiree, groceries, utilities, insurance, clothing, transportation and other everyday needs are still a drag. The bare minimum need to retire in today's economy is still $1 million or more, considering all the above needs and a possible health fiasco even with Medicare.

A recent Fidelity study estimated that a 65-year-old retiring in 2026 could spend about $185,500 on healthcare costs during retirement. This amount refers to healthcare expenses paid out of pocket and is part of the money a r...