Saving enough for retirement is difficult in and of itself, but when you add the burden of paying for healthcare during your golden years, the goal can seem unreachable. According to a 2017 Fidelity survey, couples in their mid-60s can expect to spend $275,000 on medical expenses during retirement.
“Large, debilitating medical expenses can decimate your savings,” said personal finance writer Elizabeth Colegrove. She advised soon-to-be retirees who are still working to contribute money to a health savings account whenever possible. A great vehicle to supplement your other retirement income, an HSA lets individuals pay for qualified medical expenses tax-free.
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