The average 65-year-old retiring today could expect to spend $157,500 on healthcare costs throughout their retirement, even with Medicare coverage, according to a study by Fidelity Investments. For married couples, that rate increases to $315,000.

The 2023 estimate remains flat from the previous year as provisions in the Inflation Reduction Act are expected to limit out-of-pocket prescription drug costs for retirees beginning in 2025

While this year’s estimate offers a welcome reprieve from a decade of increasing healthcare costs, retirees are still expected to cover significant costs above and beyond what Medicare covers," Hope Manion, Fidelity Workplace Consulting senior vice president and chief actuary, said in a statement. "Understanding what your healthcare costs may be in the future is an essential part of the retirement planning process."

An average couple expects to spend just $41,000 on healthcare once they retire, according to Fidelity.

If high-interest debt is getting in the way of your retirement savings, you could consider paying it down with a personal loan at a lower interest rate.

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