Sponsored by ADP
This white paper discusses why health care will likely be the most costly expense employees will face during their retirement years — premiums alone are projected to cost a healthy 65 year old couple nearly $321,0001. And, these costs are expected to continue to increase. For example, inflation for health care is projected to rise at a rate twice that of Social Security cost of living adjustments (COLAs)2, putting retirement security for many in jeopardy. Employees are already struggling to save adequately for their future needs. Concern for outliving one’s retirement savings is high, and many face a declining standard of living in retirement. Medicare doesn’t cover several critical health needs, and many individuals may be overlooking the additional savings that will be necessary for medical care.
