A new report estimates retirees need $184,000 to $217,000 individually or $351,000 as a couple saved just for healthcare costs in retirement. These amounts provide a 90% chance of covering Medicare premiums, deductibles, coinsurance, and prescription drugs. Healthcare costs are rising much faster than inflation or Social Security increases, putting stress on retiree budgets. Long-term care costs for assisted living or home care are even higher, requiring, on average, 17+ years of savings.
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00:00 It's Benzinga and here's what's on the block.
00:02 A new report estimates retirees need $184,000 to $217,000 individually or $351,000 as a
00:10 couple saved just for health care costs and retirement.
00:13 These amounts provide a 90% chance of covering Medicare premiums, deductibles, coinsurance
00:18 and prescription drugs.
00:20 Health care costs are rising much faster than inflation or Social Security increases, putting
00:25 stress on retiree budgets.
00:27 Long-term care costs for assisted living or home care are even higher.
00:31 Requiring an average 17+ years of savings, Medicare Advantage plans can lower savings
00:36 targets but have limited networks or prior approval requirements.
00:40 For all things money, visit Benzinga.com.
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