Medicare doesn't cover everything – far from it. Recent estimates project that a couple who are each 65 and live to their average life expectancies — 84.3 for a man and 86.6 for a woman — will need $280,000 to cover health care costs in retirement.
The good news for retirement savers: Those costs are baked in to formulas for how much you need to save for retirement — say, eight times your final salary. Just be sure to keep those costs in mind as you plan how to spend your nest egg.
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