More baby boomers are pushing back their retirements and working longer, even as the recovery of the stock market replenishes portfolios that were depleted during the recession. <\/p>\n
The reason: health care expenses. <\/p>\n
The cost of medical care for a 65-year-old couple retiring this year is $220,000 over the remainder of their lives, according to new estimates by Fidelity Investments. <\/p>\n
Th estimate assumes the couple has traditional Medicare, the government sponsored health plan for the elderly, and assumes life expectancies of 17 years for men and 20 years for women. <\/p>\n
The estimate includes Medicare premiums, deductibles and co-insurance - the portion of medical care paid for by the patient - for health care and prescription drugs. The $220,000 does not include most dental care, over-the-counter drugs or long-term care. <\/p>\n
Fidelity said health care costs are likely to be among the largest expenses in retirement. <\/p>\n
\"It will consume a considerable amount of a couple's retirement savings,\" said Brad Kimler, executive vice president of Fidelity's Benefits Consulting Business. <\/p>\n
A recent poll by Fidelity of people aged 55 to 64 found 48 percent of respondents think they will need only $50,000 to pay for health care in retirement. <\/p>\n
As people get closer to retirement and start to calculate the costs of medical care after they leave employer-sponsored plans, many decide to work longer to put aside more money to cover the costs of health care.<\/p>\n
<\/p>\n
Originally posted here: <\/p>\n
Health care costs push off baby boomers' retirement plans<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" More baby boomers are pushing back their retirements and working longer, even as the recovery of the stock market replenishes portfolios that were depleted during the recession. The reason: health care expenses. Continue reading