Planning for retirement is tough. Figuring out how much money you’ll need for health care is even tougher.
More than half of people over 50 recently surveyed by Nationwide said they were “terrified” of the uncertainty.
Health care will likely be your biggest expense during the golden years. It’s obviously a tough number to nail down and one that will vary by person, but there are estimates out there. A 65-year-old, healthy couple can expect to spend $266,600 over the course of their retirement on Medicare premiums alone, according to HealthView Services. An estimate from Fidelity is a little less: $245,000. Neither include out-of-pocket expenses or long-term care costs.
