Hello,
I am considering retiring next year and would appreciate any comments on estimating medical expenses. I'm using both Fidelity RIP and Firecalc to get multiple calculations.
My situation:
My age: 57
Spouse's age: 58
Location: west Texas
Assumptions:
I welcome any suggestions both on the specific numbers as well as different ways to look at it.
Thanks!
I am considering retiring next year and would appreciate any comments on estimating medical expenses. I'm using both Fidelity RIP and Firecalc to get multiple calculations.
My situation:
My age: 57
Spouse's age: 58
Location: west Texas
Assumptions:
- Now until age 65:
- $18,000 all-in medical expenses per year (insurance, deductibles, co-pay, etc).
- Assume using federal exchange but won't receive subsidy as I'll be selling off highly appreciated stock every year for expenses. HDHP
- Average health right now but spouse does have history of breast cancer, hopefully cured
- Age 65 until 85
- $8,000 all-in medical expenses per year (Medicare + supplemental insurance + deductibles + co-pays)
- Age 85 until death
- Increase by $2,000 per year every year above age 65 level.
I welcome any suggestions both on the specific numbers as well as different ways to look at it.
Thanks!