Academy of Financial Services Annual Meeting 2022

health, savings, account, retirement, income

The average retiree can expect to spend $150,000 to $165,000 on healthcare costs throughout their retirement.  Furthermore, when adjusted for the historical inflation rate, a retiree today could easily spend in excess $400,000 over the next three decades.  However according to Federal Reserve Bank data from 2019, the average household retirement savings amount is only $65,000.  This long term funding gap is both immediately obvious and breathtaking.  Forthcoming retirees need to save not only for daily living expenses.  They also need to save for future medical costs that will not be covered by Medicare.  Where is the money going to come from?  Successful retirement planning today should consist not only of employer sponsored retirement plans and IRAs.  To be adequately prepared for the future, retirees must also fund health savings accounts