It's not your father's retirement, thanks to health care costs.

Once they retire, workers today are less likely than their parents or grandparents to enjoy the standard of living that they did while they worked.

What's going to spoil the party? Health care costs are rising faster than wages. That's the key finding in a report from the Urban Institute and AARP Public Policy Institute. Retiree income is projected to fall from 80% of average career earnings for current retirees to 73% for future retirees, according to the report. Take into account health care costs and the figure drops further, to 55% of average career earnings. And these estimates assume no changes to future Social Security benefits.

Source: Report from AARP Public Policy Institute and Georgetown University.

In 2010, national health care spending averaged $8,402 per person. That's 72% higher than 10 years earlier, when it was $4,878, and nearly three times the 1990 level of $2,854, according to a study by the AARP Public Policy Institute and Georgetown University.

If only the economy were growing as much as health care spending. Between 2000 and 2010, health care spending per person grew at an average rate of nearly 6% a year -- much higher than the 2.4% inflation rate.

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Health Care Costs Can Make You Sick in Retirement