Need more evidence that the over-50 crowd is gloomy about things?
Not only do more than half of them — a hefty 55 percent — say they don't have enough money set aside for health care when they retire, retirement itself is a goal receding into the distance, with even more — 57 percent — saying they're going to work on past 65.
That's what an AARP found in a new survey, revealing that almost four out of every 10 over-50s say they haven't saved anything at all for healthcare expenses. Not a dime.
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These folks are really behind the eight ball, since Medicare only covers about half of those expenses and studies have indicated that a retired couple can expect to spend upwards of $200,000 for them.
Older folks are also very familiar with "do as I say, not as I do." While 68 percent say that people should start saving at age 35 or even before, only 28 percent of them say they've actually done that.
"Our survey shows that Americans haven't planned enough for health expenses in retirement," Debbie Banda, AARP vice president for financial security, said in a statement.
Other surveys have yielded similar results.
Older folks trying to lay the groundwork for retirement might find it helpful to check out AARP's recently launched health care costs calculator, which is part of the group's ready-for-retirement suite of planning tools and is available for free on its website. Users do not need to register to use the calculator, which does not collect any personal data.
The calculator estimates health costs in retirement with the aid of a database that includes $136 billion in costs from actual healthcare claims. Estimates can be found there on how much spending might run for out-of-pocket care on 82 different medical conditions. In addition, the calculator assumes eligibility for and selection of Medicare Parts A, B and D.
"When faced with future health costs, many people are either overwhelmed or overconfident," Banda said. "Thinking that your health care will be paid for by Medicare alone or avoiding health care planning altogether are not the right solutions. The more you know and plan for you and your family's health care, the better off you will be in the long run."
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