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KNOW | TWELVE, OCTOBER 2016

Retirement Shocker: $260,000 in Health Care Expenses Per Couple. 

Here's a figure that may make you sick if you are planning to retire soon and haven't looked at what your health care costs are going to be. If you are 65 and retiring this year, you will need about $130,000 during retirement to cover your health care expenses. For a couple, the total is about $260,000, according to an estimate reported by Fidelity Investments. According to the U.S. Government Accountability Office, about half of people close to retirement have no retirement savings. Among those who have savings and are within 10 years of retirement age, half have accumulated no more than $104,000 in savings. Another 15 percent of near-retirees have $500,000 saved. If you are among them, you might be gasping now: Clearly $500,000 looks puny when you assume that you will have to use $260,000 of it to pay for insurance for doctors and hospitals, and extras like dentists, glasses and medicine. 

 

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