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Most Retirees Could Struggle To Pay Health Costs

Most Retirees Could Struggle to Pay Health Costs

Will you have enough money to pay your health care bills in retirement? If so, you may be among a lucky minority, a new report published this month by the United Health Foundation and Alliance for Aging Research suggests.

It found that 62 percent of current retirees age 65 and up have less money in total retirement savings than they are likely to need for their future health costs alone. And nearly three-fourths of workers between 50 and 64 are doing no better.

Health costs in retirement: The numbers

Part of the problem is that many of us have little idea of how expensive retiree health care can be. Fully 50 percent of retirees and 36 percent of workers surveyed said they didn’t know or had no opinion about how much money they’d need to pay for it.

The new report, “Preparing for Health Care Costs in Retirement,” bases its cost figures on estimates published last August by mutual-fund giant Fidelity Investments. Fidelity projected that a 65-year-old couple retiring today would need $260,000 to cover their health costs for the rest…

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