$250,000 Medical needed for Retirement

In the past, while discussing income and asset options with people I have asked two questions: “Do you know that someone making $50,000 a year will have to save up 1.5 million by the time they retire?” and “Do you know that someone making $30,000 a year will have to save up $950,000 by the time they retire?”. Most people are surprised and unaware. Recently, I started to mention that I thought these stats did not include medical expenses. The video below supports this assumption I had made about medical costs. While the information is about baby boomers, the numbers will be even more sobering for millennials.

http://video.foxbusiness.com/v/5777376726001/?#sp=show-clips

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