A 65-year-old couple retiring this year will need close to $250,000 to cover their “routine” out-of-pocket medical costs through their lifetimes, according to two new estimates.
In June the nonprofit Employee Benefit Research Institute predicted that $235,000 would be needed to give a couple “a 90 percent chance” of having enough money for retirement health costs. A month earlier, Boston-based Fidelity Investments put the figure at $225,000—nearly 5 percent more than its 2007 prediction, and a 41 percent jump since the company began the annual estimates in 2002.
In both cases, the estimates cover the cost of prescriptions, deductibles and Medicare premiums—but not long-term care, over-the-counter medications or dental and vision care.
DISCLAIMER: The information and opinions expressed on this blog are not an endorsement or recommendation for any medical treatment, product or course of action by One For The Aging. For medical, legal or other advice, please consult appropriate professionals of your choice.
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Through the days and coming weeks, you will find a substantial collection of what we consider helpful tidbits of information. Please take what you need or want and pass the rest to a friend.
Through the days and coming weeks, you will find a substantial collection of what we consider helpful tidbits of information. Please take what you need or want and pass the rest to a friend.
