New Study Says This One Thing Will Cost You $275,000 During Retirement
When planning for retirement, most people only factor in the day-to-day costs when calculating how much they'll need to spend their golden years comfortably. As you budget your retirement to gauge your monthly costs, you're probably focused the most on mortgage or rent payments, credit card bills, groceries, and other basic monthly costs.
But where does healthcare fit into that budget? Some retirees may think they don't need to plan for healthcare costs because once they're eligible for Medicare, they assume their medical needs will be covered. However, Medicare isn't completely free, and there are still costs involved.
In fact, the average 65-year-old couple retiring today can expect to pay roughly $275,000 in healthcare costs during retirement, according to a recent Fidelity study. That number includes Medicare premiums, copayments, and deductibles, as well as prescription drug expenses that Medicare doesn't cover.
Source: Fool.com