Less than one third who responded to recent survey has saved money specifically for healthcare costs.
Leading insurance agency eHealth and retirement platform Retirable have released a new report “Retirement Planning & Health Care Costs," commissioning a general population survey of Americans ages 60 through 70. Some of the respondents were already retired and enrolled in Medicare, while others anticipating retirement. Over 520 responses were collected. Although not a nationally representative sample, the report does provide insights into the concerns of this demographic.
Report findings are based on a survey of 521 American consumers ages 60 to 70, drawn from the general population. Among the respondents, 68% said they were currently retired, while 58% said they were currently enrolled in Medicare. The survey was conducted in March of 2024. Additional information is provided in the methodology section of the report.
Key findings include:
The cost of healthcare is the #1 financial concern in retirement: Overall, 63% cite healthcare costs as a top worry in retirement, ahead of running out of money (58%) and inflation (53%).
55% of respondents say concerns about healthcare costs cause them to spend less than they would otherwise.
Only 33% of those currently retired saved any money specifically for healthcare costs they might face after retiring.
Most don't think their money will last through retirement: Among current retirees, only 42% believe they will have enough money to last through retirement; among those not yet retired, the figure is 29%.
Non-mortgage debt is a hurdle for many: Overall, 46% of respondents have non-mortgage debt; among these, nearly 80% are in debt $5,000 or more.
Financial scams and identity theft worry many: 73% express concern about financial fraud and identity theft; 39% have had their identity stolen or been a victim of fraud.
"The insights we're sharing illustrate the need for smart, long-term retirement planning, whether you're approaching retirement age or already retired," said Retirable CEO Tyler End.
To download the full report, “Retirement Planning & Health Care Costs,” click here