News Summary: Retirement medical bills total $220K

News Summary: Retired couples may need $220K for health care over about 20 years of retirement

Associated Press

BABY BOOM BILLS: A 65-year-old couple retiring this year would need $220,000 on average to cover medical expenses not covered by Medicare, according to an estimate by Fidelity Investments.

SILVER LINING: This year's figure represents an 8 percent decrease from last year's number of $240,000. Fidelity attributes the slowdown to several factors, including a slowdown in health care spending that hasn't rebounded with the economy.

PLANNING AHEAD: Experts recommend talking to a financial planner to help factor medical bills into an overall retirement plan. Investment vehicles that can help save for medical bills include health savings accounts and annuities.

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