Being able to afford to retire is a goal we spend most, if not all, of our working years planning. We start by investing in a 401(k) or Roth IRA, in hopes of saving enough money to last us once we no longer work. But how do you plan for all the unexpected costs, especially when it comes to your health care?
According to last year’s Fidelity Retiree Health Care Cost Estimate, a single person who’s 65 years old will need to have about $157,500 saved, after taxes, to cover health expenses. For a retired couple at age 65, that number goes up to about $315,000. Obviously, that number is dependent on several factors, like how long you work, when and where you choose to retire, your health and how long you’ll live, but it gives you a good benchmark to aim for.
