Search
 

Overwhelming majority of Americans concerned about health care costs in retirement

Many Americans greatly underestimate the amount of savings they may need to cover health care costs in retirement.

By Paula Aven Gladych | Updated on March 19, 2014

According to research from the Fidelity Investments Retirement Savings Assessment study, 84 percent of respondents wonder whether they will be able to afford health care in retirement, but 71 percent expect to have better-than-average health in retirement, an overly optimistic assumption for many, the report found.

Many Americans greatly underestimate the amount of savings they may need to cover health care costs in retirement. A study last year of pre-retirees (ages 55-64) found that nearly half of respondents believe they will need about $50,000 to pay for their individual health care costs in retirement. Fidelity’s annual Retiree Health Care Cost Estimate, which has estimated the cost of healthcare in retirement every year for more than a decade, has found that the average couple could expect to spend more than $220,000 in healthcare expenses over the course of their retirement.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.