A. Based on HealthView Service's 2016 Retirement Health Care Costs Data Report:
- For couples who retire in 2016, they could expect to spend $288,400 in today's dollars on lifetime Medicare Parts B, D, and supplement insurance premiums!
- When you add in dental, hearing, vision, and all other out of pocket expenses, that number rises to $377,412!
More than half of your social security benefits will go to health care costs:
- A 66-year old couple retiring this year will spend 57% of their social security to cover total health care costs
- A 55-year old couple retiring in 10 years will require 88%
- A 45-year old couple will require 116%
- A 30-year old female retiring at 65 can expect to pay $548,098 which is $118,632 than a male the same age