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 …
The Homa Files 