A retiring couple should plan to spend $300,000 in healthcare and medical costs throughout their retirement, a figure that's up 88 percent since 2002, according to Fidelity Investments.
The figures come from Fidelity's annual Retiree Health Care Cost Estimate, released May 7. The estimate is based on a hypothetical opposite-gender couple retiring in 2021 and is based on current life expectancy data. It assumes the retirees qualify for Medicare and must pay cost-sharing for Parts A and B as well as prescription drug coverage.
Estimated healthcare costs for a single retiree is $157,000 for women and $143,000 for men, according to Fidelity.