Got a spare quarter-million bucks sitting around?
If you’re a 65-year-old couple retiring this year you’ll need even more than that to cover health care and medical expenses throughout retirement, according to Fidelity Investments’ annual cost estimate.
Fidelity estimates it will cost a couple $280,000 to cover their health care costs in retirement, up 2% from last year and 75% since its 2002 estimate of $160,000. The math assumes a couple retires at 65 and is eligible for Medicare. The cost for care for males in retirement is an estimated $133,000, while the tab for women, who tend to live longer than men, is $147,000.