YOUR MONEY-What is the scariest retirement healthcare number? [Reuters]
Genworth Financial Inc (GNW)
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Source: Reuters
What is the scariest retirement healthcare number? NEW YORK (Reuters) - A typical couple could potentially spend $285,000 on out-of-pocket healthcare costs in retirement. But that is hardly the scariest number you need to consider when it comes to medical costs as you age. This estimate, released on Tuesday by Fidelity Workplace Consulting, is based on Medicare premiums for Americans 65 and older, plus the deductibles and co-pays required for medical care and prescription drugs. It also accounts for inflation and investment growth. If you have $1 million in retirement savings and plan to spend a healthy 4 percent of that per year plus Social Security, your monthly healthcare budget would need to account for about $5,000 per year per person. These bulk figures sound large, yet what is not included may be even more worrisome: - Long-term care Since Medicare, the government health plan for those over 65, does not cover long-term care costs, Fidelity’s average spend does not include it ei
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News
- Many Americans Plan To Retire on $1,500 or Less — Is This Realistic? [Yahoo! Finance]Yahoo! Finance
- 4 signs that you need long-term care insurance, according to experts [CBS News]CBS News
- Stuck between unpaid childcare and eldercare duties, women might not be able to afford their own retirement [Yahoo! Finance]Yahoo! Finance
- 4 Ways Healthcare Costs Will Impact Generational Wealth [Yahoo! Finance]Yahoo! Finance
- Why you should take advantage of lower long-term care insurance prices right now [CBS News]CBS News
GNW
Sec Filings
- 3/27/24 - Form PRE
- 3/26/24 - Form 4
- 3/26/24 - Form 4
- GNW's page on the SEC website