Future Wealth and Health
Plan for Health Care as You Plan for Retirement
As you're growing your retirement savings and planning for the future, keep this in mind:
- We're living longer.
- We'll be facing more health challenges.
- Health care, especially prescriptions, will continue to get more expensive.
- Insurance may cover fewer expenses.
You may already be saving to pay for housing, utilities, insurance, travel and major purchases in retirement. But have you factored in your future health care costs?
You probably won't have health insurance through an employer. You'll be responsible for paying your health insurance premiums and out-of-pocket costs.
The average 65-year-old couple will need an estimated $260,000 to cover health care costs in retirement.1
43% of already-retired Boomers say they're spending more on health care than they had planned.2
How will you spend your health care dollars?3
Countdown to a Healthy Retirement
Your Mission: Be Ready
5. Stick to healthy habits. This can help you spend less on medical care, now and in the future.
4. Add tax-free funds to your Health Savings Account, if you have one.
3. Invest for the long term by diversifying your portfolio. Your plan may offer pre-made portfolios or target date funds that address this.
2. Use a tool to estimate your future health care costs.
1. Keep saving for retirement. By saving more now, you'll have more money available to cover your health care expenses later.
|Goal||Age 30||Age 45||Age 60|
|Target Savings Goal||10-15% each paycheck||15%-20% each paycheck||20% each paycheck|
|Aim to Save||1x annual salary||3.5x annual salary||7x annual salary|
Act now for a smooth liftoff in retirement. Enroll in your plan or log in to increase your contribution.