The amount you’ll need is a cool $156,000.
That’s the amount a healthy 65-year old woman will need to save to have a 90 percent chance of covering her total health costs in retirement (note: this amount EXCLUDES any long-term care costs, which are additional).
A couple the same age would need to save about $245,000 to cover their joint costs (also excluding long-term care costs).
The Takeaway: You’ll need more money in retirement than you might realize, due to the big “bite” of health costs. For example, women with $300,000 saved up should assume that half of their savings will go straight to cover annual medical expenses and will not be available to cover living, transportation, food, entertainment or other costs.
Source: Empower Institute, Fidelity Investments
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