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Here’s What the Typical American Retiree Spends on Healthcare

October 28, 2016

drugs-moneyIt’s no secret that healthcare costs aren’t getting any lower. In fact, over the past 50 years, healthcare costs have grown at an annualized rate of 6%. This means that healthcare costs today are more than 18 times higher than they were in 1966. Even so, you might be shocked to hear just how much American retirees should plan to spend on healthcare expenses.

A quarter-million-dollar healthcare tab.  A recent report by Fidelity concluded that the average 65-year-old couple retiring in 2016 will need $260,000 to cover their medical expenses throughout retirement. This is a 6% increase over Fidelity’s findings a year ago, and can be attributed to longer life expectancies, rapidly rising prescription drug costs, and higher medical-service utilization levels.

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