What Will Healthcare in Retirement Cost You? Try $295,000.
There's a reason so many seniors fear the idea of retirement: Leaving the workforce means moving over to a fixed income while having to deal with a host of financial unknowns. And while some expenses do tend to go down in retirement, others, like healthcare, can be more expensive than what you're used to.
Each year, Fidelity releases its annual Retiree Health Care Cost Estimate, and this year, it states that the average 65-year-old couple retiring in 2020 can expect to spend a whopping $295,000 on medical expenses throughout retirement. That represents a 3.5% increase from last year's $285,000 estimate, and an 18% increase since 2010. That figure also breaks down into $155,000 for single female retirees, and $140,000 for single male retirees, the reason being that women tend to outlive their male counterparts.
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Source Fool.com
