$300,000 should be in the bank to cover retirement expenses - 08/01/2006
By Jesse Russell
Nearly $300,000 is the expected amount a couple retiring
today would need to cover premiums for health insurance
and out-of-pocket expenses. That's according to a study by
the Employee Benefit Research Institute. With the average
life expectancy in the US in the mid 80s, $295,000 would be
needed. and the longer they live beyond that, the more the
couple will need will need - upwards of $550,000 for a couple
living to the age of 95. Those numbers are in addition to
having health insurance. Paul Fronstin authored the report:
[Fronstin1]: "Many people have not sat down to focus on
how much money they'll need to cover their general
expenses in retirement, let alone their health care expenses."
On top of that, Fronstin said his report only focuses on basic
health care costs after retirement, it could be even higher:
[Fronstin2]: "We don't even take into account how much
money you might need if you go into a nursing home. That's
been estimated at 70 thousand dollars a year."
http://www.laborradio.org/node/3852
