Retirement savings dwarfed by healthcare costs

Few seniors have saved enough to adequately cover medical and drug costs, according to a new report issued by Medco Health Solutions, a division of the mail-order giant. In the survey of 1,000 Americans over age 65, one-third claimed that they spent more on health care and prescription drugs than they expected, and 55% admitted they had completely overlooked health care and prescription drugs when planning for retirement. In addition, 49% of respondents confessed they had never assessed the impact of healthcare costs on their retirement savings or lifestyle.

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