A recent article from The Wall Street Journal takes on the long-held belief that thousands of dollars are required to meet medical expenses in retirement. Retirement health costs, the publication concludes, may actually require somewhat less than conventional wisdom dictates.
According to the latest report from Fidelity Investments, a 65-year-old couple currently entering retirement requires $250,000 to cover retirement medical care. (This figure excludes the cost of a nursing-home, which can run $80,000 a year.) A survey of retirees conducted by Fidelity found that medical expenses averaged $535 a month or approximately 20 percent of an average couple’s total monthly expenses and that 47 percent of retirees were spending more each month for insurance premiums and out-of- pocket health costs than they had planned.