According to a recent study from the Employee Benefit Research Institute, a 65-year-old man who retires this year will need between $68,000 and $173,000 in current savings to have a fifty-fifty chance of covering health insurance premiums and out-of-pocket costs in retirement. To have a 90% chance, the amount jumps to between $134,000 and $378,000. The variances depend on whether a former employer subsidizes health-care premiums, and whether people without employment-based retiree health benefits supplement Medicare with Medigap (Plan F) and Medicare Part D outpatient drug coverage.

The cost outlook is worse for women because they tend to live longer and need more health care. EBRI found that a 65-year-old woman who retires this year would need between $98,000 and $242,000 to have a fifty-fifty chance to cover health-care related costs. Between $164,000 and $450,000 is needed for a 90% success rate.

On a median basis, the amount needed to cover health-care costs in retirement rose roughly 9% for both men and married couples over last year, and 16% for women.

These projections don't include savings needed to cover long-term care costs. But the study says people can mitigate their savings burden by working longer.