How much will health care costs you in retirement?

While Medicare will pay for some of your costs, it doesn't cover everything.


The average age 65-year-old couple today will spend around $12,2001 on health care in their first year of retirement.

How much will you need for health care when you retire? See how your retirement plans will impact the cost of health care.

The following tool is for informational purposes only and is designed for use by individuals approaching retirement.

Let's get started

Our Methodology

The estimate is based on a hypothetical couple retiring in 2023, 65 years old, with life expectancies that align with the Society of Actuaries RP-2014 Mortality Table Healthy Annuitants rates projected with the Mortality Improvement Scale MP-2020 as of 2023. Actual assets needed may be more or less, depending on actual health status, area of residence, and longevity. The estimate is the net of taxes. The Fidelity Retiree Health Care Cost Estimate assumes individuals do not have employer-provided retiree health care coverage but do qualify for the federal government's insurance program, Original Medicare. The calculation takes into account cost-sharing provisions (such as deductibles and coinsurance) associated with Medicare Part A and Part B (inpatient and outpatient medical insurance). It also considers Medicare Part D (prescription drug coverage) premiums and out-of-pocket costs as well as certain services excluded by Original Medicare. The estimate does not include other health-related expenses such as over-the-counter medications, most dental services, and long-term care.

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©2016–2023 FMR LLC All rights reserved. 755919.8.0

First, tell us about you

Male
Female
Include spouse/partner
Female
Male

Fidelity Brokerage Services LLC. Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
©2016–2023 FMR LLC All rights reserved. 755919.8.0

Current Age

18
18

Fidelity Brokerage Services LLC. Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
©2016–2023 FMR LLC All rights reserved. 755919.8.0

Retirement age

Make your best guess about when you'll retire! You can adjust later to see how retirement age affects the outcome.

Fidelity Brokerage Services LLC. Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
©2016–2023 FMR LLC All rights reserved. 755919.8.0

Life expectancy

How many years you'll live affects how much you'll spend on health care.
Make your best guess! You can adjust later to see how life expectancy affects outcomes.

Fidelity Brokerage Services LLC. Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
©2016–2023 FMR LLC All rights reserved. 755919.8.0

Your estimate

You and your spouse should be planning to save $880,446 for health care in retirement.

YOU: AGE 32

First year of retirement: 2048 This amount, in today's dollars, is what you'll need to pay for one year of health care in retirement:

RETIREMENT AGE:

Retiring before age 65, when Medicare is first available, can have a big impact on how much you will need to have saved for health care in retirement. See how changing your retirement age can help lower your estimate.

LIFE EXPECTANCY:

SPOUSE/PARTNER: AGE 32

First year of retirement: 2048 This amount, in today's dollars, is what your spouse/partner will need to pay for one year of health care in retirement:

RETIREMENT AGE:

Retiring before age 65, when Medicare is first available, can have a big impact on how much you will need to have saved for health care in retirement. See how changing your retirement age can help lower your estimate.

LIFE EXPECTANCY:

Your Next Move:

If you have a Fidelity workplace savings account, log in to the Planning & Guidance Center to create and manage your plan for retirement.

Because retirement decisions are complex and interdependent, we encourage you to call your advisor or investment professional to discuss your personal situation.

Tip: Before you start working with a financial firm, consider using FINRA's BrokerCheck to look into that firm's background. See Fidelity's profile

Our Methodology

The estimate is based on a hypothetical couple retiring in 2023, 65 years old, with life expectancies that align with the Society of Actuaries RP-2014 Mortality Table Healthy Annuitants rates projected with the Mortality Improvement Scale MP-2020 as of 2023. Actual assets needed may be more or less, depending on actual health status, area of residence, and longevity. The estimate is the net of taxes. The Fidelity Retiree Health Care Cost Estimate assumes individuals do not have employer-provided retiree health care coverage but do qualify for the federal government's insurance program, Original Medicare. The calculation takes into account cost-sharing provisions (such as deductibles and coinsurance) associated with Medicare Part A and Part B (inpatient and outpatient medical insurance). It also considers Medicare Part D (prescription drug coverage) premiums and out-of-pocket costs as well as certain services excluded by Original Medicare. The estimate does not include other health-related expenses such as over-the-counter medications, most dental services, and long-term care.

Fidelity Brokerage Services LLC. Member NYSE, SIPC 900 Salem Street, Smithfield, RI 02917
©2016–2023 FMR LLC All rights reserved. 755919.8.0