Aviva/Mayo study shows 9 out of 10 Americans underestimate health care costs in retirement

Americans may be stunned when they realize how big a financial bite health care may take out of their retirement savings. According to the annual Wellness for Life survey of nonretired adults by Aviva USA, in collaboration with Mayo Clinic, nine out of 10 people expect to spend less than 20 percent of their monthly retirement income on medical and dental expenses. Seven out of 10 expect to spend just 10 percent or less. In reality, people should be prepared to spend approximately 30 percent of their income on health care expenses in retirement, according to The Urban Institute. Retirement News Today Host Scott Drake interviews Aviva USA VP of Customer Insight & Analytics Matt Spackman.

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