The number is daunting. A couple with a greater-than-average prescription drug expenses would need $326,000 saved at age 65 if they wanted to be highly confident about paying for health care expenses in retirement.
The good news? The amount that American elderly need to cover their health care costs in retirement is 9.4% less than it was a year ago, according to the Employee Benefit Research Institute (EBRI), a Washington, D.C.-based non-partisan research group.
In 2013, a 65-year-old couple needed $360,000 in savings for health care expenses. The decrease in the projected savings target is due in part to enhanced prescription drug coverage provided by the Patient Protection and Affordable Care Act (PPACA), EBRI said in its report.
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