Health care is a significant expense throughout all life stages. On average, for all ages, 8.4% of spending goes toward health care; for people 65 and older, that jumps to 14%.
Health care expenses are a much bigger part of spending for people age 65 and older who are nearing or in retirement. It is important for your clients to have stable income throughout retirement to help cover these costs.
And yet, fewer retirees say they are worried about health care costs, according to the latest Retirement Risk Readiness Study* from Allianz Life. While 73% of retirees said they worry that health care costs will be so high they can’t afford needed care in 2021, just 43% said the same in 2022. This could leave some people unprepared for the rising costs of health care in retirement.