How health care costs can impact employees’ retirement readiness

A recent Voya Financial® study found that medical expenses are a top reason people tap into retirement savings before they should.

As part of our ongoing focus on helping Americans achieve financial security in retirement, Voya Financial® has released research that examines Americans’ understanding of healthcare costs in retirement. Previous Voya research¹ shows that, when it comes to retirement expenses, 41% of Americans rank healthcare as the expense they are most worried about. However, while many Americans worry about the cost of healthcare, Voya’s recent survey² found that an overwhelming 81% have not estimated the total amount health care will cost them in retirement. When asked to calculate the cost, most expect retirement health care expenses to be well below national estimates.

Read the report to learn more: Playing the Long Game: Understanding How Health Care Costs Can Impact Your Retirement Readiness

¹ Orange House Sweepstakes™ Executive Summary Retirement Omnibus https://professionals.voya.com/stellent/public/SURVEYRESULTS.pdf.

² Survey results are based on findings from a Telephone CARAVAN® survey commissioned by Voya Financial and conducted by ORC International of approximately 1,000 adults in the U.S. ages 18 and older. Responses were collected between March 2-5, 2017.