Robert Powell: You might need nearly $350,000 to pay for health-care costs in retirement

With apologies to Augusten Burroughs, we have to revise his quote: When you have your health, your health-care costs in retirement will be high. And when you do not have your health, those costs will be even higher.

Consider the findings from a report just published by the Employee Benefit Research Institute (EBRI) which examined the amount of savings Medicare beneficiaries are projected to need to cover program deductibles, premiums and other health expenses in retirement.

• In 2016, a 65-year-old man would need $72,000 in savings and a 65-year-old woman would need $93,000 if each had a goal of having a 50% chance of having enough savings to cover health-care expenses in retirement.

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