More than 62 percent of pre-retirees said they are “terrified” of what healthcare costs may do to their retirement plans, according to an annual Nationwide Retirement Institute survey. The survey reveals concern about out-of-control healthcare costs and the Affordable Care Act (ACA) increasing those costs.
According to the online survey of 801 Americans aged 50 or older and with at least $150,000 in household income, conducted by Harris Poll in October 2014, 72 percent said one of their top fears in retirement is their healthcare costs going out of control. More than half, 55 percent, think the ACA will increase those costs and more than one-quarter of employed boomers, 26 percent, think they will never retire.
“Even America’s affluent workers don’t know how they will fund their healthcare costs in retirement and they don’t expect ObamaCare will help them,” said John Carter, president of Nationwide’s retirement plans business.
“The attention the ACA has received in the past year has increased awareness of healthcare costs in retirement,” Carter said. “We think that’s a step in the right direction, and what Americans need now is a plan to adequately prepare for those costs.”
