Robert Powell, editor of Retirement Daily, sat down with Carolyn McClanahan, founder of Life Planning Partners to talk about how much you really have to save for health care costs.
A 65-year-old couple will need on average $280,000 to cover health care and medical expenses throughout retirement, according to Fidelity Investments' 16th annual retiree health care cost estimate. But do you really need that much?
Not necessarily, says McClanahan.
Why?
Well, it depends on how healthy you are. If you're in good shape, you actually should consider working longer, then you will need to save less. If you're not healthy, make the changes you need and do some extra planning.
In addition, you hopefully should be able to fund some retirement health care expenses with cash flow from assets, Social Security, and even earned income.
So check out the clip above for some more quick tips but be sure to listen to the full episode of Bob Powell's podcast below. Also, feel free to check out the full Retirement Daily podcast series on SoundCloud.
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