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For many Americans, the dream of a secure and comfortable retirement is slowly receding. Consider Louis H. Cohen. When he retired in 1999 from Time-Warner, the communications giant, where he had served as chief financial officer for the books division, he and his wife, Ann, expected to have no trouble getting by. He had a pension, $10,000 in savings, and a home worth about $250,000 in Merrick, N.Y.
But then, Eke an increasing number of retirees, Cohen lost his employer-sponsored retirement health benefits. And Ann's condition--she had battled multiple sclerosis for years--deteriorated. Soon the Cohens were spending up to $3,000 a month on prescriptions, doctor ...