Monday, June 1, 2020

Startling Healthcare Retirement Costs Projected for Folks Planning to Retire in 2020

These are the highest retirement projections I've seen:   
  • A healthy 65-year-old couple retiring in 2020 is projected to spend approximately $351,000 in today’s dollars ($535,000 in future dollars) on healthcare over their lifetime. 
    • Expenses at age 85 are estimated to be 234% higher than that at age 65.
  • A healthy 45-year-old couple is projected to spend approximately $505,000 in today’s dollars ($1.4 million in future dollars) on healthcare over their lifetime.
  • The estimated 2020 annual premium plus out-of-pocket cost for a healthy 65-year-old is $4,700.
  • A healthy 67-year-old couple is projected to spend 34% of their Social Security benefit on healthcare in 2020.