Advertisement

Our coronavirus coverage is free for the first 24 hours. Find the latest information at tampabay.com/coronavirus. Please consider subscribing or donating.

  1. Archive

ILLNESS' BIG COSTS

People in poor physical health may need as much as 20 percent more in annual retirement income than those in good shape, according to a new study.

An unhealthy person earning $80,000 a year may need to replace up to 96 per cent of his or her income, $76,800, in retirement, according to Fidelity Investments. Someone in better condition, by contrast, might need as little as $61,600. Not all of that would go to health care, of course. But the two estimates show how much people could need to fund lifestyles that are roughly equivalent to their pre-retirement years.

The report underscores the huge potential medical costs that await many Americans in retirement. More than seven in 10 poll respondents predict they will have better-than-expected health in old age, an unlikely outcome given that 35 percent of Americans are obese and only 20 percent get enough daily exercise. According to Fidelity, the average couple could spend $220,000 on health care in retirement.

YOU MIGHT ALSO LIKE

Advertisement
Advertisement