Envisioning Your Retirement_Flipbook_2024

Medicare offers valuable benefits, but retirees still have some out-of-pocket costs, including premiums, deductibles, copays, and prescription drug expenses not covered by Medicare. Then there are costs for uncovered services such as vision and hearing exams, eyeglasses, hearing aids, and dental care. It’s estimated that a 65-year-old couple who retired in 2023 might need $351,000 to cover their out-of-pocket medical expenses in retirement. Health Expenses in Retirement Man Woman Married couple These are the estimated savings amounts needed for 65-year-olds to have a 90% chance of covering their Medicare (Parts B and D), Medigap (Plan G), and median out-of-pocket prescription drug costs in retirement. Source: Employee Benefit Research Institute, 2024 How much might you need to save for medical care? $351,000 $217,000 $184,000