economic recovery bill President Obama - Financing
Friday, March 27, 2009

economic recovery bill President Obama

More savings needed for health care costs

Prospective retirees need to be socking away more savings to cover medical costs, according to Fidelity Investments' latest health care cost estimate.

A 65-year-old couple retiring this year will need about $240,000 to cover medical expenses in retirement, an increase of 6.7 percent from the 2008 estimate.

The cost estimate assumes individuals don't have employer-provided retiree health care coverage, but are relying on Medicare.

Over the last seven years, the amount needed for retiree health care costs soared 50 percent, Fidelity said.

Gas back above $2

Oil prices hit a new high for the year Thursday, and the national average retail price for gasoline rose above $2 per gallon for the first time since November.

Benchmark crude for May delivery rose $1.57 to settle at $54.34 a barrel on the New York Mercantile Exchange.

In Chicago, the average price of unleaded regular gasoline was $2.16 Thursday, up from $1.93 a month ago and down from $3.42 a year earlier, according to AAA. Nationally, gas prices rose 2.3 cents a gallon overnight to a new national average of $2.009 per gallon, according to AAA, Wright Express and Oil Price Information Service. Pump prices are 10.9 cents higher than a month ago, but $1.252 lower than the same period last year.

Extra disability cash

People who collect Social Security or disability benefits will share $13 billion in federal money, each receiving a one-time, $250 payment beginning in May, Vice President Joe Biden said Thursday.

Recipients won't have to do anything to get the money, which will be sent separately from their regular monthly benefit.

The money comes from the economic recovery bill President Obama signed into law in February.

economic recovery bill President Obama Reviewed by Financing Strategies ... you must see ... !! on 4:00 AM Rating: 5 More savings needed for health care costs Prospective retirees need to be socking away more savings to cover medical costs, according to F...

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