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Thinking about retiring...new st ...

Posted Nov 10 2008 4:20pm

Thinking about retiring...new study shows how much you may need as a nest egg to afford health care and maintain a similar standard of living....does retiring mean lowering your standard of living?  BD  image

NEW YORK - A couple retiring this year will need about $225,000 in savings to cover medical costs in retirement, according to a study released Wednesday by Fidelity Investments.  The figure, calculated for a couple age 65, is up 4.7 percent from the $215,000 estimate for 2007, the Boston-based financial services company said. And it is similar to other projections for health care costs in retirement — daunting figures given that longer life spans also are requiring workers to increase retirement nest eggs.

A separate study released last month by the Center for Retirement Research at Boston College estimated that an individual needs to go into retirement with some $102,000 earmarked just for health care coverage, while a couple needs about $206,000.

Given current levels of retirement savings, the center said, six in 10 older workers are "at risk" of being unable to maintain their standard of living in retirement.

Retiree couple needs $225K for medical - Yahoo! News

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