Women: This Is What Your Future Health Care Will Cost

Women, wondering how much you need to set aside to cover your health care costs in retirement?

The amount you’ll need is a cool $156,000.

That’s the amount a healthy 65-year old woman will need to save to have a 90 percent chance of covering her total health costs in retirement (note: this amount EXCLUDES any long-term care costs, which are additional).

A couple the same age would need to save about $245,000 to cover their joint costs (also excluding long-term care costs).

The Takeaway: You’ll need more money in retirement than you might realize, due to the big “bite” of health costs. For example, women with $300,000 saved up should assume that half of their savings will go straight to cover annual medical expenses and will not be available to cover living, transportation, food, entertainment or other costs.

Source: Empower Institute, Fidelity Investments

About Mari Adam

Mari Adam, Certified Financial Planner™ has been helping individuals and families chart their financial futures for over twenty-five years. Have a question about your financial situation? Ask Mari!

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