Via LearnVest By Cheryl Lock ~
In the world of retirement health costs, there’s good news and bad news.
We’ll give you the good news first. Fidelity Investments reports that the estimated retiree medical costs for a 65-year-old couple retiring this year dropped by $20,000.
O.K., now for the bad news. Despite the drastic decrease in price, overall estimates for money needed for health costs through retirement for a retired couple is still a whopping $220,000.
Let that number sink in.
The cost assumes a couple of specific retirement scenarios. For example, that number would apply to a couple who has traditional Medicare, assuming a life expectancy of 82 years for the man and 85 for the woman.
The $220,000 number does not, however, cover things like dental care, over-the-counter drugs or any long-term care costs.
Retirees don’t quite seem ready to take on the burden of such a large cost, either. In fact, half of people from 55 to 64 expected to pay only $50,000 for health care in retirement, according to a recent Fidelity survey.