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March 24, 2010 at 08:00 PM
The average 65-year-old couple retiring in 2010 would need $250,000 to cover health care costs over the course of their retirement years, according to Fidelity Investments.
Benefits consultants at Fidelity, Boston, are basing those projections on results from a survey of 376 married individuals ages 65 years or older who are not working full-time.
Fidelity consultants found that 47% of surveyed seniors reported paying more each month for insurance premiums and out-of-pocket health care costs than they had expected in retirement. Only about 33% of the retirees reported saving expressly for health needs in retirement during their working years.
Health care costs are averaging $535 per month for retirees interviewed, or about 20% of an average couple’s $2,842 in total monthly expenses. Among those surveyed, 11% said their health care costs are $1,000 per month or higher.
