Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
EBRI Medicare estimates for retirees
Old 10-25-2018, 10:56 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Big_Hitter's Avatar
 
Join Date: May 2013
Location: In the fairway
Posts: 5,231
EBRI Medicare estimates for retirees

https://www.ebri.org/pdf/briefspdf/E...are.8Oct18.pdf

"In 2018, a 65-year-old man needs $75,000 in savings and a 65-year-old woman needs $99,000 for a 50 percent chance of having enough to cover premiums and median prescription drug expenses in retirement. For a 90 percent chance of having enough savings, the man needs $148,000 and the woman needs $161,000.

For a 50 percent chance of having enough to cover health care expenses in retirement, a couple with median prescription drug expenses needs $174,000 in savings. For a 90 percent chance of having enough, the couple needs $296,000 in savings.

At the extreme — a couple with drug expenses at the 90th percentile throughout retirement who want a 90 percent chance of having enough money for health care expenses in retirement by age 65 — targeted savings are $399,000 in 2018."
__________________

__________________
Swing hard, look up
Big_Hitter is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-25-2018, 11:03 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Jan 2018
Location: Tampa
Posts: 4,544
It has been mentioned before that there are other large (for some) expenses like food/housing which can be larger than medical, but are not expressed in these terms.
There are always scare tactics though applied to medical.
__________________

__________________
TGIM
Dtail is online now   Reply With Quote
Old 10-25-2018, 11:13 AM   #3
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 2,581
Quote:
Originally Posted by Dtail View Post
It has been mentioned before that there are other large (for some) expenses like food/housing which can be larger than medical, but are not expressed in these terms.
There are always scare tactics though applied to medical.
+1

I think these lump sums average out to a couple of hundred dollars or so per month over the retirement lifespan.

There is no need to have the lump sum available on the first day of retirement, as long as the retirement income streams are sufficient to cover all costs.
gauss is offline   Reply With Quote
Old 10-25-2018, 12:32 PM   #4
Thinks s/he gets paid by the post
ivinsfan's Avatar
 
Join Date: Feb 2007
Posts: 4,529
Quote:
Originally Posted by gauss View Post
+1

I think these lump sums average out to a couple of hundred dollars or so per month over the retirement lifespan.

There is no need to have the lump sum available on the first day of retirement, as long as the retirement income streams are sufficient to cover all costs.
A coup!e hundred a month per person isn't going to cover it part B alone is 134....65 a month won't cover the rest of the bills
ivinsfan is offline   Reply With Quote
Old 10-25-2018, 12:49 PM   #5
Thinks s/he gets paid by the post
gauss's Avatar
 
Join Date: Aug 2011
Posts: 2,581
^ Good catch. Thanks
gauss is offline   Reply With Quote
Old 10-25-2018, 12:56 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 3,797
Those numbers seem a lot smaller than I recall seeing....or maybe it was for a couple , I'm thinking. Took a wild guess at male life expectancy at 81 which is 16 yrs from 65. That comes out a bit less than 400/mo. With Medicare at 130+ and supplement at 170 for total of 300/mo, that's in the neighborhood allowing for higher amounts in later yrs and Rx expenses including premiums.
Somehow monthly numbers don't sound as scary as lifetime as others have mentioned.

A later search suggested life expectancy to be 84.
__________________

kaneohe is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
The Myth of Outliving your Retirement Savings - EBRI SumDay FIRE and Money 98 05-08-2018 10:55 AM
EBRI report: Estimating health costs in retirement SumDay Health and Early Retirement 3 03-03-2015 08:50 AM
Confidence in retirement continues to flail - EBRI survey obgyn65 FIRE and Money 4 03-19-2013 01:23 PM
Current Retirees Spending Actuals vs Estimates (How Accurate)? chinaco FIRE and Money 30 06-27-2007 02:30 PM

» Quick Links

 
All times are GMT -6. The time now is 02:55 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
×