By DAVID PITT AP Personal Finance Writer May 15, 2011 4:54PM
There’s a tremendous lack of knowledge when it comes to planning for health care costs in retirement.
A new survey by Sun Life Financial found that 92 percent of workers said they don’t know how much their health care will cost in retirement or vastly underestimate the amount.
Forty percent said they have “no idea” what their health care costs are likely to be in retirement. Only 8 percent were in the correct ballpark estimating costs of $200,000 or more. Another 51 percent estimated less than $200,000 would be needed.
Developing a plan should alleviate anxiety. Here are four ideas to help prepare for unexpected medical costs.