Study: Workers have 'no idea' what health care will cost in retirement
If you’ve been struggling to find ways to convince workers to sock more money away for retirement, you may want to play the healthcare card.
Reason: An astounding 90% of U.S. residents have no idea how much they should expect to spend on their health care in retirement — or greatly underestimate the costs.
That standout stat comes from a recent SunLife Financial study.
With retiree health costs likely to equal $200,000 or more in all, there’s a good chance many of your staffers 401(k) balances are well short of where they should be.
To fix this, it may be a good idea to include handouts on medical spending in retirement during 401(k) education sessions.
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