Half of retirees say they spend less in retirement than they did in their working years.
Tag: health care
This is up 2% from last year—and 75% from 2002, when Fidelity began estimating health care costs in retirement.
“Life events happen, and people don’t always get to choose when they retire, which is why it’s important to have a well thought-out plan that maps out different retirement age scenarios and projected costs in retirement,” says Joe Ready, head of Wells Fargo Institutional Retirement and Trust.
Their primary concerns are the continuation of Social Security and rising health care costs.
Fifty-one percent are not actively contributing to a 401(k) plan, Edward Jones found in a survey.
Twenty-six percent of workers surveyed by EBRI have decreased contributions to their retirement plan, and 27% have delayed retirement due to increased health care costs.
Many mistakenly believe government programs will cover long-term care costs, which may be why a mere 20% have taken any steps to find LTC insurance.
LIMRA says that retirees can expect to pay 13% of their income each year in retirement on health care and long-term care expenses.
Out-of-pocket costs, notably for Medicare, are expected to rise—and take a bigger bite of retirees’ savings, says a new report by the CRR.
Employers can manage HDHPs, promote enrollment and satisfy compliance requirements through a single partner.
In a series of articles, PLANSPONSOR is profiling industry groups that work for retirement and health plan sponsors to protect them from onerous burdens and help them with plan design and administration. In this article we profile the American Benefits Council (ABC).
A significant number of Americans underestimate how much they are likely to spend on health care in retirement, according to a recent Financial Engines survey.
A survey reveals issues employees have with open enrollment season.