Fidelity Releases 2022 Retiree Health Care Cost Estimate: 65-Year-Old Couple Retiring Today Will Need an Average of $315,000 for Medical Expenses

BOSTON–(BUSINESS WIRE)–Fidelity Investments® today announced its 21st annual Retiree Health Care Cost Estimate, revealing that a 65-year-old couple retiring this year can expect to spend an average of $315,000 in health care and medical expenses throughout retirement1. The 2022 estimate for single retirees is $150,000 for men and $165,000 for women. Fidelity’s estimate assumes both members of the couple are enrolled in traditional Medicare, which between Medicare Part A and Part B covers expenses such as hospital stays, doctor visits and services, physical therapy, lab tests and more, and in Medicare Part D, which covers prescription drugs.

“Even as many Americans look to turn the page on the events of the last two years, staying informed on potential future health care costs should remain a top factor when planning for retirement,” said Hope Manion, senior vice president, Fidelity Workplace Consulting. “At Fidelity, we understand the anxiety as health care issues can feel unpredictable. However, by planning early and saving consistently, people can put themselves in a much stronger position to retire how and when they want.”

Designed to inform Americans on the importance of planning and saving early, the Fidelity Retiree Health Care Cost Estimate was first calculated in 2002 to build greater awareness of the estimated health care costs as individuals approach retirement. This year’s estimate is up 5% from 2021 ($300,000) and has nearly doubled from its original $160,000 in 2002.

This year’s analysis generates both “good” and “bad” news. First, the bad: Americans are generally out of sync with the expected total cost of health care in retirement. In fact, according to Fidelity research, on average, Americans estimate a couple retiring this year will spend just $41,000 on health care expenses in retirement. This is $274,000 less than Fidelity’s analysis. Additionally, more than two-thirds (68%) are under the impression that associated costs will remain under $25,0002.

Once respondents of the research were informed of Fidelity’s estimate, a staggering 70% of respondents say they feel unprepared to cover health care expenses during retirement.3 However, there is still good news: the number of people who feel prepared increases when the person has an HSA. In fact, nearly half (47%) of HSA holders feel prepared for their health care retirement expenses, compared to just 27% of people who do not have an HSA.

An HSA can be a powerful way

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Shanghai releases extra from virus observation amid lockdown | Overall health and Health

BEIJING (AP) — Shanghai launched 6,000 a lot more people today from the central amenities in which they ended up underneath professional medical observation to guard from the coronavirus, the authorities explained Wednesday, nevertheless the lockdown of most of China’s major city was continuing in its third week.

About 6.6 million people in the metropolis of 25 million were being allowed to leave their properties Tuesday, but some had been restricted to their personal neighborhoods. Some housing compounds also appeared to however be holding people locked inside, and no further more lifting of constraints was obvious Wednesday.

Officials alert that Shanghai still doesn’t have its most recent surge in scenarios of the omicron variant underneath management, inspite of its “zero-tolerance” solution that has seen some people confined to their houses for three weeks or lengthier.

China also requires anybody who checks good or is a close get hold of of these types of a individual to invest at least a week in centralized observation centers in pre-fabricated structures or gymnasiums and exhibition halls to restrict the unfold of the virus.

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The city’s wellbeing bureau stated Wednesday that 6,044 individuals experienced been permitted the day right before to go away observation centers and return residence, though wellness monitoring will proceed.

The range of freshly detected day-to-day conditions in the city edged upward to 26,338, all but 1,189 of them in individuals showing no signs. With extra than 200,000 full situations, the ongoing outbreak is China’s largest of the pandemic. But the mass testing has caught lots of asymptomatic situations, and no deaths have been reported in Shanghai.

The lockdown has led to disappointment between inhabitants in Shanghai about jogging out of foods and remaining unable to get deliveries. Censors have diligently scrubbed such product from social media, while point out-controlled retailers explain a prosperous marketing campaign to provide food items and other provides and endorsed residents that “persistence is victory.”

Shanghai is also property to China’s busiest port and primary stock current market, and problems have been soaring about the lockdown’s economic influence.

Figures launched Wednesday showed China’s exports rose 15.7% in March around a year earlier though imports were flat thanks to disruptions from coronavirus outbreaks.

Customs data clearly show exports rose to $276.1 billion inspite of anti-virus controls in Shanghai and other industrial centers that caused factories to lower output.

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