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Biggest shock for retirees is health care costs

Middle-income retirees polled by Bankers Life and Casualty admitted they'd underestimated all of their retirement costs, especially health care needs.

By Danielle Andrus | Updated on July 18, 2012
Image credit: Olovedog

For middle-income retirees, health care and the costs associated with it are a major theme in their retirement. A survey released July 11 by Bankers Life and Casualty Co. Center for a Secure Retirement asked retirees what they had learned since they’ve retired, and health care-related issues were a big surprise.

More than half of retirees said health care cost more than they expected in retirement, and 33 percent said their prescriptions were more expensive. However, it seems many retirees underestimated the cost of basic expenses overall. Forty-one percent said groceries cost more than they thought they would and 38 percent said transportation costs were higher than expected.

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