$463,849. According to a report released earlier this year by CNBC, that’s what a healthy, 55-year-old couple can expect to pay for health care during retirement if they plan to retire at age 65. Where are those nearly half million dollars going to come from? More importantly, do your employees know what’s waiting for them on the other side of their retirement party? For many years we’ve communicated the importance of saving enough for a comfortable retirement. But employees also need to hear about the bite that health care expenses could take out of their nest eggs.
While recent programs – for example, tax-advantaged Health Savings Accounts – encourage saving for post-career medical expenses, not everyone is able to enroll. Employees/Participants might believe that Medicare, along with their employer-sponsored/fund-sponsored retiree health plan, will have them covered, but that isn’t necessarily true. Forewarned is forearmed, as the old saying goes, so now is the time to arm employees with the information they need for a healthy retirement. Is your organization doing enough to educate employees about the realities of retiree health care costs?
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