Q. How much health expense should I plan for my retirement?
A. Are you ready for the sticker shock? A recent Fidelity survey shows total average outlays for health expenses in retirement at $220,000 for a couple who lives to average life expectancy.
Most people who prepare their retirement tend to underestimate the health expenses.
An estimate puts a Medicare beneficiary whose adjusted gross income at $85K (double that if married filing jointly) will spend an average of about $8K each year on routine medical expenses in retirement, and that figure will rise each year, due to higher inflation rate of health costs.
A. Are you ready for the sticker shock? A recent Fidelity survey shows total average outlays for health expenses in retirement at $220,000 for a couple who lives to average life expectancy.
Most people who prepare their retirement tend to underestimate the health expenses.
An estimate puts a Medicare beneficiary whose adjusted gross income at $85K (double that if married filing jointly) will spend an average of about $8K each year on routine medical expenses in retirement, and that figure will rise each year, due to higher inflation rate of health costs.
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