Too often when saving for retirement, workers neglect to plan for the cost of their healthcare needs. Neglecting this expense can derail the best-laid retirement plans.
Fidelity’s 2016 Retiree Health Care Cost Estimate projected that the cost of healthcare for a 65-year-old couple retiring in 2016 is expected to total $260,000 over the course of their retirement. This is a 6 percent increase over 2015, and the highest estimate since the survey began in 2002.
Jody Dietel, chief compliance officer of consumer-directed benefits provider WageWorks, said more people should be aware of the need to save for healthcare costs in retirement. “It’s important to understand that there’s a place for both a 401k and an HSA,” she said, referring to a health savings account in the latter example.
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