We recently saw a survey statistic that surprised us: nine out of 10 Americans think they’ll spend only 20% of their retirement income on healthcare expenses. If you’re concerned that some of your employees might be part of that group, you’ll want to keep reading.
According to The Wellness for Life survey, conducted by Aviva USA in collaboration with the 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.” Another striking statistic is that, “In addition, only four of 10 people surveyed said they are, or will be, financially prepared for retirement.”
Stats like these present a great educational opportunity for employers. If you have a company newsletter or email blast, share the survey results with your employees. If you have a wellness program that doesn’t include financial planning resources and services, consider adding them. No matter what you do, it’s important to get employees thinking about retirement healthcare costs in a different way. After all, employee wellness isn’t just about physical health, it’s about financial health too.