Debit Social Security, credit healthcare costs …

According to Fidelity, a 65-year-old couple retiring this year on a $75,000 annual household income, will be getting  about $29,970 in annual Social Security payments.

With an average life expectancy of about 80 years, that grosses up to about $450,000 in lifetime Social Security benefits.

Not bad,

Except …

Many retirees rely on Social Security benefits as their primary source of income, and …

Fidelity estimates that a 65-year-old couple retiring this year is will need $240,000 to cover medical expenses throughout retirement.

So, for most retiring couples, the majority of Social Security payments could go toward health care costs.

Bottom line: Start saving …

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