Kerry Hannon says women need to think more carefully about their retirement health care costs.
In her article, “Women: get real about retirement health costs” for Forbes, Hannon references a study by professors Allison Hoffman and Howell Jackson that shows women tend to underestimate their future health care costs more than men.
“When the researchers asked 1,700 near-retirees and retirees how much they expect their out-of-pocket health expenses to total in the future, the projections from female participants were 50 percent lower than the estimates of their male counterparts,” Hannon wrote.
“But medical experts estimate that the typical woman will actually spend 50 percent more for health care in retirement than the typical man.”
To help women plan their retirement health care, Hannon gives seven tips to help them “get a grip” on their retirement health expenses:
- Be certain to budget for health costs, including long-term care.
- Find a financial pro to help estimate health costs in retirement and beef up your savings.
- Build a good-sized emergency fund — and don’t let it dissipate.
- Open a health savings account.
- Work part-time in retirement, if you can.
- Take advantage of the Affordable Care Act (Obamacare).
- Get healthy, and stay that way.
- Walmart, Kmart 'Layaway Angels' spreading...
- 10 Great Gift Ideas for People Who Have...
- 7 financial lessons from classic Christmas...
- Better than a raise: The smallest thing you...
- Smart Spending: Buy these items after Christmas
- Are Americans investing or speculating on a...
- What managing money has taught me about...
- Robots vs. minimum wage: As pressure grows on...
- Robots vs. minimum wage: As pressure... 84
- The American Dream is still alive for... 11
- Better than a raise: The smallest thing... 11
- Most US workers unprepared to meet... 8
- Insurance agents feeling left out of... 8
- Dave Ramsey says: Put a temporary stop... 8
- What do the new jobs numbers mean? 7
- What managing money has taught me about... 5