Nov. 15, 2012, 7:01 a.m. EST
Health-care bill in retirement: $240,000
How to budget for what Medicare doesn’t cover
By Elizabeth O'Brien
Marketwatch.com
People planning for retirement tend to budget for the fun stuff, like cruises with grandkids or golf trips in the Sunbelt, and ignore the less fun stuff—especially the costs of post-retirement health care.
And when boomers find out how much they’re likely to need to cover those medical costs—typically, about a quarter of a million dollars, the experts say—they might wish they hadn’t asked. “All those plans for cruises go out the window if you don’t have adequate coverage,” said Alexis Abramson, a New York based gerontology expert. But understanding what kinds of costs and calculations lie behind that number can make it less intimidating, and help you prepare.
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And that’s $240,000 in today’s dollars, so a couple retiring in 10 years would need the inflated-adjusted equivalent in the year 2022. (In its 11 years of doing this study, Fidelity has found the rate of health-care inflation to average 6% per year; assuming that rate stayed constant, a 2022 retiree would need about $430,000 set aside.)
More: http://www.marketwatch.com/story/health-care-bill-in-retirement-240000-2012-11-15
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