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Posted By
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March 5, 2008, 2:26 pm
Flag as Inappropriate ewills
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Subject
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New estimate: Retirees need $225K for medical bills
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Do you have enough money saved to cover the rising cost of healthcare once you retire?
Fidelity Investments says the average 65-year-old couple should have $225,000 set aside for medical expenses if they're retiring in 2008. That's a 4.7% increase over last year's estimate.
According to the an article on USA Today,
"With health care costs continuing to outpace wage increases and companies trimming retiree health benefits, financing health care has to be central to retirement planning," Fidelity's Brad Kimler says in a press release. "Given current economic conditions, this is especially true for those planning to retire in the next few years or before they qualify for full Social Security or Medicare benefits."
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Comments
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March 23, 2008, 7:57 pm
Flag as Inappropriate Ozzie says...
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That's a huge amount of money! My husband and I are retired and our medical costs are definitely our biggest expense. We aren't quite ready for Medicare so we are paying for our group Health Insurance. It's a real hardship!
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March 23, 2008, 8:51 pm
Flag as Inappropriate djproscribe says...
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I think one will probably need a lot of money, but I also think Fidelity is looking to sell a lot more investment products during a downturn.
It is scary to face retirement with the current health care system.
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