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Retires Will Need a Fortune Saved for Healthcare Costs

June 24, 2009 | Credit Cards | No Comments

According to a study published last week by the Employee Benefits Research Institute, people retiring today will need a ton load of money to cover healthcare expenses over the course of their retirement.

No one knows what will happen with President Obama’s plan to cut $131 billion in Medicare / Medicaid spending and reform the U.S. healthcare system.  However, for now men retiring at 65 this year (2009) will need $68K to $173K in savings to cover health insurance premiums and out-of-pocket expenses if they want a 50% chance of having enough money and $134K to $378K if they want a 90% chance.

For women, who have a longer lifespan, who retire at 65 will need $98K to $242K in savings to cover health insurance premiums and out-of-pocket expenses if they want a 50% chance of having enough money and $164K to $450K if they want a 90% chance.

Additionally, according to the report retires may need more money because the costs doesn’t cover long-term care expenses.

Those are some really big numbers, considering in some countries citizens pay nothing!  Let’s all hope that by the end of the year, the Obama administration will be successful in reforming the U.S. Healthcare system!

Source: MarketWatch.com

Related Article: It’s Time to Fix the American Healthcare Crisis

 

 

 

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