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Financial Tip: How to Get a Handle on Healthcare Expenses

Q: How much will a 65-year-old couple who retired in 2014 need to cover medical expenses during retirement?

A: According to Fidelity Benefits Consulting, a couple will need an average of $220,000 to pay for healthcare costs in retirement, not including nursing home care.

Healthcare is one of the largest expenses in retirement, so it’s essential to plan ahead. Be sure to incorporate healthcare considerations into your overall retirement plan, and talk to us about options such as long-term care insurance.

Here are a few resources to get you started thinking about planning for healthcare costs:

Curbing the Costs of Healthcare

What You Need to Know About Healthcare Reform

Emergency Funds: Preparing for the Unexpected

Talking to Your Aging Parents About Their Finances

 

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