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Do you have $200,000 saved?
Do you have $260,000 saved?
Do you have $570,000 saved?
According to a new study by the Center for Retirement Research at Boston College, a typical couple would have to save nearly $200,000 to pay for their out-of-pocket medical costs from the time they are 65 until they die.
Now . . . add in long-term care costs . . . and they are likely to need $260,000.
Now . . . get this . . . About 5% of 65 year-old couples will face catastrophic medical and long-term care costs exceeding $570,000, according to researchers Anthony Webb and Natalia Zhivan. The Boston College researchers estimate those expenses would have exhausted the total financial assets of 85 percent of all retirees even at the peak of the stock market in 2007.
Another example of why we need to have a long-term care savings program in America.