Lifetime Health Care Expenses Jump for Workers Retiring in 2019

Fox Business cites a new Fidelity Investments study, which found that a 65-year old couple retiring this year will spend approximately $285,000 in health care and medical expenses throughout retirement — and that assumes both spouses are eligible for Medicare coverage. "That figure compares to a $280,000 Fidelity projection for 2018, and $275,000 for 2017," notes Fox. A decade ago, Fidelity's health care cost estimate for retirees was $240,000. Meanwhile, for single retirees, health care-related costs for the present year are estimated at $135,000 for males and $150,000 for females. Hope Manion, senior VP for Fidelity Workplace Consulting, issued a statement that read: "Paying for health care — before and in retirement — continues to be top-of-mind for Americans, and understandably so as it's a cost that can vary significantly by individual and is difficult for many to predict."