What Will Cost You $300K in Retirement?

Dec 4, 2020

The new healthcare estimates are in:  Fidelity says a 65-year-old couple retiring this year can expect to spend about $295,000 in healthcare costs, over the rest of their lives!  That’s $10,000 more than last year.  And considering that we’ll still have all our other retirement expenses to pay, how in the world do we prepare for that?

• Fidelity’s annual Health Care Cost Estimate says a 65-year-old couple retiring this year should expect to spend about $295,000 on health care costs alone in retirement.  (A single woman retiring at 65 in 2020 can expect to pay around $155,000 for health care during her retirement while a man at the same age may pay $140,000.)
• That includes Medicare Part A, Part B and Part D premiums and deductibles, but it does not include over-the-counter medications, vitamin supplements and glasses.  Long-term care insurance is also not included, which on its own could be an additional thousands of dollars a month.

If you're interested in meeting with Steve for a Complimentary Portfolio Review, call Steve today! This is a great opportunity to see where you stand today, what can you do to reach your retirement goals, avoid making financial mistakes that can set you back, and more!