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progree

(10,864 posts)
3. Fidelity: a couple will need $280,000 just for health care. Does not include long-term care
Sat Oct 26, 2019, 02:30 PM
Oct 2019

Fidelity estimates, for example, that a couple, both reaching age 65 in 2018 will need $280,000 over their lifetimes for OUT-OF-POCKET medical expenses ( https://www.cnbc.com/2018/04/27/how-to-plan-for-higher-health-care-costs-in-retirement.html ). They are both on Medicare, so this is medical costs above and beyond those paid for by Medicare.

Nor does the $280,000 include long-term care (e.g. nursing homes, assisted living facilities), and it doesn't include most dental, eye, or hearing care.

So lard up on your triple-tax advantaged Health Savings Accounts contributions -- same as a Roth IRA (no taxes on earnings or gains, no taxes on withdrawal) PLUS there is an up-front tax deduction. But withdrawals must be used for medical costs.

Latest Discussions»Culture Forums»Personal Finance and Investing»How to think about retirm...»Reply #3