Healthcare Costs in Retirement
In a 2022 survey, 35% of all workers reported they were either “not too” or “not at all” confident that they would have enough money to pay for their medical expenses in retirement. Regardless of your confidence, however, being aware of potential healthcare costs during retirement may allow you to understand what you can pay for and what you can’t.1
A retired household faces three types of healthcare expenses.
It All Adds Up
According to a HealthView Services study, a 65-year-old healthy couple can expect their lifetime healthcare expenses to add up to around $597,389 before accounting for inflation.2
Should you expect to pay this amount? Possibly. Seeing the results of one study may help you make some critical decisions when creating a strategy for retirement. Without a solid approach, healthcare expenses may add up quickly and alter your retirement spending.
Prepared for the Future?
Workers were asked how much they have saved and invested for retirement – excluding their residence and defined benefit plans.
Source: EBRI.org, 2022
1. EBRI.org, 2022 2. HVSFinancial.com, 2022
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