Retirement

Inflation, layoffs and public health emergencies have made it tough for many households to stay on top of their bills in recent years.

Nearly half regret not planning for late-life events such as health issues, career shifts, job loss and caregiving responsibilities.

Three-fourths of study participants would work up to five extra years should their assistance be needed.

The 7.5% increase since last year reflects rising prices for care, continued utilization growth and growing costs tied to chronic conditions, according to the latest Retiree Health Care Cost Estimate from Fidelity Investments.

Caregiving retirees are more likely than non-caregiving retirees to rate their current lifestyle in retirement as fair, while non-caregivers are more likely to rate it as excellent.

"Employees are still navigating complex financial circumstances that require proactive support from employers to help build long-term stability," said Stacy Bucchere, Managing Director of Workplace Benefits Client Management at Bank of America.