If you follow the MyHealthCafe.com blog, you already know that your medical costs in retirement can be overwhelming. Even with Medicare, the money that you need to cover all of your medical costs in retirement is an awfully big number.
But how much money do retirees really need to put away for their medical expenses? Fidelity Investments have come up with a number, and yup, it’s big. According to Fidelity, retirees will need $230,000 to cover their out-of-pocket medical costs in retirement. But yeah, we know it’s a lot of money…
Whoooaaaa! That’s a lot of money! Yes, it is, and if you can believe it, it’s still 8% less than the number that Fidelitycame up with last year. That number went down because healthcare reform is expected to reduce some of the out-of-pocket medical costs that seniors have had to pay in the past like prescription drug costs.
How much money have you put away for your medical costs in retirement? Tell us about it!
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