October is National Financial Planning Month. As a recent survey co-released by the Alliance and United Health Foundation demonstrated, public awareness about saving for health care costs as part of overall retirement is shockingly low. Two stats stand out:
– Fifty percent of retired seniors and 36 percent of non-retired adults age 50-64 don’t know or have no opinion of how much money their households will need for both anticipated and unexpected health care costs during retirement.
– Sixty-two percent of retired seniors age 65+ and nearly three out of four non-retired adults age 50 to 64 have less in total retirement savings than what experts recommend saving for health care costs alone.
This Twitter chat, “Planning for Health Costs in Retirement,” discussed the health costs associated with retirement and insights on how older adults can prepare.