How Does Your Retirement Planning Stack Up? moneytalksnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneytalksnews.com Daily Mail and Mail on Sunday newspapers.
Fidelity: Retirement health care costs hit record high
HEALTH CARE COSTS in retirement hit a record high in 2021, according to a new study from Fidelity Investments Inc.
PROVIDENCE – Health care in retirement is more expensive than ever, according to Fidelity Investments Inc.’s annual Retiree Health Care Cost Estimate published on May 7.
The latest study suggests a couple retiring this year should expect to spend $300,000 in health care and medical costs throughout their retirement – the highest in the history of the 20-year survey. Single female retirees would need $157,000 and single male retirees would need $143,000, according to the latest data. This represents a 1.7% increase over 2020, and a 30% rise over 2011, according to a news release.
The Benefits of Working Longer
Delaying retirement for a couple of years or even a few months is the most effective way to improve your retirement security.
April 29, 2021
John Rouse, vice president of operations for the Aquarium of the Pacific, plans to keep working until he s at least 68.
Photograph by Jose Mandojana
Financial planners and analysts have long advised workers who haven’t saved enough for retirement to work longer. But even if you’ve done everything right saved the maximum in your retirement plans, lived within your means and stayed out of debt
working a few extra years, even at a reduced salary, could make an enormous difference in the quality of your life in your later years. And given the potential payoff, it’s worth starting to think about how long you plan to continue working and what you’d like to do even if you’re a decade or more away from traditional retirement age.