Nearly Half of Americans Worry About Paying Healthcare Bills in Retirement. Here's Advice for Them
While certain living expenses tend to go down during retirement, one is statistically likely to climb: healthcare. Estimates on what healthcare will cost in retirement vary tremendously, making it difficult to save appropriately. Investing giant Fidelity, for example, estimates healthcare in retirement at $295,000 for the average healthy 65-year-old couple today. HealthView Services, a provider of cost-projection software, on the other hand, estimates that healthcare will cost $606,337 for the typical 65-year-old couple retiring now.
Clearly, that's a substantial divide. It's not surprising, then, to learn that 46% of workers today are worried about their ability to pay medical bills in retirement, as per the SimplyWise November 2020 Retirement Confidence Index.
If you're not sure how you'll cover future healthcare expenses, there's a savings plan you ought to look at: the health savings account, or HSA. Having an HSA could mean the difference between covering your medical expenses during retirement with ease versus struggling to keep up with them.
Source Fool.com
