A 65-year-old couple retiring this year will need a quarter of a million dollars to pay for medical expenses throughout retirement, representing a 4.2% increase over last year, according to Fidelity Investments annual Retiree Healthcare Costs Estimate.

The Boston-based company found that even though healthcare costs during retirement are a significant financial concern for people, many are not doing enough to plan for them. Three of 10 retirees who answered the survey identified current health care costs and long-term expenses like paying for a nursing home as their biggest financial concern today. Yet, only three of 10 saved specifically for health care needs in retirement during their working years.

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