It used to be that when retirees were fortunate to have had lengthy service in corporate America, there was often a small pot at the end of the rainbow to pay for healthcare in retirement. Or retiree health insurance could be paid for with a pension.
Today? Not so much. Those fast approaching retirement age, 64-years-old, need to address the albatross of retiree health costs directly and lighten the load.
The annual Fidelity study of health costs estimates, “that a couple retiring at 65 will need $240,000 to cover health costs in retirement.”
The Employee Benefits Research Institute said the same couple needs $227,000 for a 75 percent chance to cover health costs in retirement. Read the rest of this entry »