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Lifetime healthcare costs soar for workers retiring in 2019



Costs of comfortable life in retirement age continue to increase for Americans – especially in the healthcare sector.

According to a new study conducted by Fidelity Investments, a 65-year-old couple who retires this year will spend about $ 285,000 on health care and medical expenses during retirement – and this suggests both are eligible for Medicare coverage. This figure is compared with a confidence estimate of $ 280,000 for 2018 and $ 275,000 for 2017. care costs for the current year are estimated at $ 150,000. for women and US $ 135,000. for man. "Paying for health care – before and in retirement age ̵

1; continues to be a supreme reason for Americans and understandable, as it is the cost that can vary greatly from individuals and it is difficult for many to predict," says Hope Manion, Senior Vice President at Fidelity Workplace Consulting.

A recent study found that even when people have the opportunity to save to finance their total retirement costs through a workplace plan, they still do not reach the target savings rates to maintain full retirement up to 65 years of age. As households have not reached their targets, some could face a "crisis".

But for younger Americans saving the necessary sums is possible.

A 35-year-old couple, for example, could reach the $ 285,000 health care threshold by accumulating $ 2,820 each year in a Health Savings Account (HSA), a strategy recommended by Fidelity.

HSA is an account where an individual contributes to prepaid dollars for the explicit purpose of spending these funds on future medical expenses. Money is raised without taxes and no taxes on contributions or withdrawals (until funds are paid for qualified medical expenses) are levied. HSAs can be used to cover everything from dental, visual and recipe costs to Medicare premiums.

– Learn what Medicare covers – and what it does not do

– Maximize the benefits for tax savings accounts, including 401 (19659002) – Fidelity recommends the following: k) Accounts and HSAs

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to 70 as much as possible. This strategy could increase revenue yields to 32% higher than those who do not wait until 70 years.

– Find out what benefits, if any, offered by the employer on retirement.

Consult with a financial specialist


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