If you’re budgeting for retirement, helping family members with college savings or weighing the value of a reverse mortgage, spend some time with these resources, all published recently:
One of the largest, and trickiest, items to budget for in retirement is health care. You can find some good numbers—and a bit of good news—on the website of the Washington-based Employee Benefit Research Institute.
In a study published in October, the group reported that savings targets for health-insurance premiums and out-of-pocket health-care expenses in retirement were 2% to 10% smaller in 2014 than in 2013, depending on savers’ prescription-drug needs and how certain they wanted to be that they could cover health-care costs. (The primary reason for the lower targets: slowing growth nationwide in health-care spending.)
Of course, the targets are still sizable: Assuming median prescription-drug expenses throughout retirement, a man who turned 65 in 2014 needed $64,000 in accumulated savings and a woman $83,000 to have a 50% chance of covering medical bills in later life, according to the institute…
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