The amount of money retirees need to set aside for medical expenses dropped 8 percent this year, though the dollar figures are still considerable.
According to new data from Fidelity Investments, a 65-year-old couple retiring in 2013 will need $220,000 to cover medical expenses throughout retirement compared to $240,000 last year. The study assumes a life expectancy of 85 for women and 82 for men.
The estimate decreased in 2013 because of lower-than-expected Medicare spending in recent years, as well as a reduction in projected Medicare spending in the near future.Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
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