Many people are not prepared for this $280K retirement expense.
When planning for health-care costs in retirement, it pays to factor in a particular worst-case scenario: an earlier-than-anticipated workforce exit.
"Actual assets needed may be more or less depending on actual health status, area of residence, and longevity," according to Fidelity. Consumers planning for retirement can't expect such moderate cost increases every year. Health care will continue to be"a difficult pill to save for," Manion said.Fidelity's analysis counts on a key point: That you're retiring at 65, the same age you become eligible for Medicare. But the median retirement age is 62, a full three years earlier, according to the 2017 Retirement Confidence Survey from the Employee Benefit Research Institute.
For about a third of those early retirees, bridging the gap to Medicare has entailed spending more than $500 per month on insurance premiums. A quarter has drawn from Social Security income to pay for health care, and 15 percent, a 401 or retirement savings. "I don't think this is such a dramatic turn of news, that it should cause consumers financial discord," she said.
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