Every year, Fidelity studies healthcare costs to estimate the amount of money retirees can expect to spend on medical expenses. The most recent study, conducted in 2015, found a 65-year-old couple could expect to spend $245,000 out-of-pocket on healthcare in retirement. That’s a 29 percent increase over the past 10 years.1
That figure includes things like copays, deductibles, premiums and prescription drugs. Surprisingly, it does not include long-term care costs, which can also be a significant expense for many retirees.
Are you considering buying life insurance? That could be a wise idea, especially if you have dependents who rely on you for financial support. The foundation of any solid financial plan is having protection in place for your spouse, children and other loved ones should you pass away.