Americans will need seven times more than they expect to pay for healthcare costs in retirement, according to a May 16 report from Fidelity Investments.
Six things to know:
1. A 65-year-old couple retiring this year can expect to spend an average of $315,000 in healthcare and medical expenses throughout retirement.
2. The 2022 estimate is up 5 percent from 2021 ($300,000) and has nearly doubled since 2002 ($160,000)
3. Single 65-year-old men retiring this year can expect to spend an average of $150,000 through retirement.
4. Single 65-year-old women retiring this year can expect to spend an average of $165,000 through retirement.
5. Americans estimate a couple retiring this year will spend $41,000 on healthcare expenses in retirement, according to Fidelity research.
6. After being told of Fidelity's expenses estimate, 70 percent of respondents said they felt unprepared. A higher percentage of those with health savings accounts (47 percent) felt prepared for retirement expenses compared to those who don't have them (27 percent).