Many people see their day-to-day cost of living drop once retirement begins. But if one specific expense tends to rise among people as they age, it’s health care. It's a key piece of retirement planning that often gets overlooked.
Fidelity says that the typical 65-year-old who retired in 2024 can expect to spend $165,000 on health care expenses throughout retirement. That's a 5% jump from its 2023 estimate. And it doesn't include expenses like over-the-counter medication and long-term care. It’s no wonder that the idea of paying for health care in retirement is daunting to so many people.
