Top 10 Misconceptions About Saving for Medical Care in Retirement
- Workers just aren’t estimating how much health care will cost them in retirement.
- People with just a high school education or less, and whites, are slightly more likely than those who went to college, and blacks, to have attempted to figure it out.
- Millennials are the most likely to underestimate health care costs in retirement.
- They have surprisingly unrealistic expectations about where they’ll get the money to pay for medical care.
- Despite their potential, HSAs just aren’t feasible for many because of their income.
- A few are planning on using an inheritance to pay for medical bills in retirement.
- Women don’t know, guess low.
- Men don’t know, but guess higher.
- The highest-income households are most likely to have tried to estimate medical cost needs during retirement.
- Where they live doesn’t seriously affect their estimates, although it will seriously affect their cost of care
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