You may already know that your payroll taxes help fund Medicare, which you’re generally eligible for at age 65.
That doesn’t let you off the hook for further outlays once you sign up, however. Depending on the particulars of your coverage and how often you use the health-care system, your out-of-pocket costs could hit six-figure territory over the course of your retirement, a report shows.
To cover premiums and out-of-pocket prescription drug costs from age 65 on, you might need $130,000 if you’re a man, according to the study from the Employee Benefit Research Institute. For a woman, that amount is $146,000.
