Retirement savings dwarfed by healthcare costs

November 15, 2007

Medco study reveals that many seniors did not adequately factor in rising healthcare costs when saving for retirement

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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