2008 retirees need $225,000 for health care

[antigop]

http://www.msnbc.msn.com/id/23484918/

A couple retiring this year will need about $225,000 in savings to cover medical costs in retirement, according to a study released Wednesday by Fidelity Investments.

The figure, calculated for a couple age 65, is up 4.7 percent from the $215,000 estimate for 2007, the Boston-based financial services company said.

And it is similar to other projections for health care costs in retirement — daunting figures given that longer life spans also are requiring workers to increase retirement nest eggs.

[sinkingfeeling]

1. Yes, and your government believes every working stiff can easily accomplish this, plus

saving another $450-750K for their retirement, on minimum wages!

[antigop]

3. Yep. Amazing, isn't it? And why aren't people in the streets? n/t

[aquart]

2. Well, it helps Social Security if we just die at 62.

So I figure they plan to let us.

[RebelOne]

4. I am 69 years old and still working full-time

for the health coverage my employer provides. I am also collecting social security, but Medicare does not provide all the benefits I now get.

[antigop]

6. You are lucky to a) have a job and b) have one with insurance.

However, I think at your age you SHOULD be able to retire.

Having to work just for health insurance, imo, sucks.

[mike_c]

5. good lord, most of us won't have a dime saved for health care....

I mean, I'll have my state pension and whatever I get from social security to pay monthly living expenses-- even with a decent salary and zero consumer credit debt I live pretty modestly from paycheck to paycheck. I save a few thousand dollars a year, but spend most of it on things like an annual vacation. During the last ten years my "nest egg" has never exceeded five thousand dollars in savings. My monthly pension contributions and social security deductions ARE my "savings."

I am just about eligible for early retirement now, but plan to work for another ten years or so.

[EFerrari]

7. This is what we get for funding the Pentagram and not the people. n/t

[antigop]

8. I don't think enough people have realized this yet.

With
1) the massive debt that Bushco has caused (with the help of some Dems)
and
2) the sorry state of Medicare

the boomers are in for a VERY BUMPY ride.

[EFerrari]

9. And a lot of blame. Watch. n/t

[kineneb]

10. some of us have already spent all of our savings on healthcare

and now have (almost) nothing. Our cash assets are gone- to qualify for low-income medical coverage (similar to Medicaid). And to stay on Medicaid in CA, a couple is allowed no more than $3000 cash assets (savings, checking, etc.).

$225,000? Heck, the value of our entire "estate", if we both died today, might be worth that much! And the State of California gets it all anyway.

[antigop]

11. So sorry to hear that, kineneb. What kind of a country are we,anyway, that allows this to happen?

WHO are we? WHAT are we?
--Sicko