Survey: Most Americans Underestimate Retirement Healthcare Costs
Americans are so freaked out at the prospect of going broke to pay medical bills that the majority of them are making lifestyle changes now, according to the Sun Life Financial (SLF) "Flying Blind" survey released Wednesday. A whopping 53% reported dieting and exercising more, quitting smoking or reducing stress in order to reduce medical costs later. And it's not just the 40 to 50 crowd -- thirty-somethings are also taking action.
They'd better do something, given how clueless the majority of those surveyed were in terms of how much healthcare would cost during their golden years. More than 90% didn't have a clue as to how much money they'll spend on healthcare after leaving the workforce. About 75% are not formulating any kind of strategy to meet expenses from illness or even the common maladies of old age. And 43% reported being "not at all confident" that they will meet healthcare costs.
So it looks like it's time to dust off the stationary bike and put the cake back in the fridge, America. Your retirement plan awaits you.