| ■ Retirees Need $250,000 for Medical Expenses: Study | 2010.03.26 |
| American couples who retire this year will need $250,000, on average, to cover their medical expenses in retirement, according to a study by Boston-based Fidelity Investments. That amount -- up 4.2 percent from last year's figure of $249,000 -- is based on projections for a 65-year-old couple retiring with Medicare coverage, no employer-provided insurance in retirement, and a life expectancy of 85 for women and 82 for men, the Associated Press reported. This year's estimate is 56 percent higher than the $160,000 projection in 2002, when Fidelity first started its annual estimates. The company said the information highlights the need to factor in health care alongside housing, food and other expenses when people plan for retirement, the AP reported. |