Fidelity: Retirees need more for medical expenses

A 65-year-old couple retiring this year will need $225,000 to cover their medical costs in retirement, according to a new estimate from Fidelity Investments, the Boston mutual funds company that sells retirement investment products.

That figure is a 4.7 percent above the 2007 estimate of $215,000, said Fidelity, which noted that since the estimate was first calculated in 2002, the number has risen 41 percent, with an average annual increase of 5.8 percent.
(By Chris Reidy, Globe staff)