Fidelity estimates that a couple retiring today will need approximately $300,000 to cover medical expenses in retirement. Attend Fidelity’s Prepare for the Reality of Healthcare in Retirement workshop on October 20 at noon or 3 p.m. ET to learn about the costs of health care in retirement and how you can prepare. Also read Fidelity’s How to plan for rising health care costs.
If you’re enrolled in an HSA-eligible health plan, financial experts suggest contributing the maximum allowable to a health savings account (HSA). An HSA can help you save tax-efficiently for today’s out-of-pocket medical costs but also for your medical expenses in retirement.
Northrop Grumman offers medical coverage to retirees and their dependents. Generally, you’re eligible if you are age 55 or older and have at least 10 years of service with the company when you retire. Your options and costs depend on your employment history so it’s best to call the Northrop Grumman Benefits Center at 800-894-4194 to learn what’s available to you. For more details, view the Summary Plan Description for the Northrop Grumman Retiree Medical Plan.