A new report released by the Employee Benefit Research Institute has revealed that healthcare may cost retirees over $100,000 during their golden years, emphasizing the need for adults to start saving early.
Researchers explained that the problem is even more prominent among older women because of their longer life expectancies. A woman who wants a 50 percent chance of being able to afford her health expenses should save $93,000 by the age of 65.
If she wants to increase her chances of affording a healthy retirement living to 90 percent, she would have to save $152,000.
Men didn't seem to fare much better.
Those who are 65 should have saved $65,000 in order to have a 50 percent chance of staying healthy during their golden years. For a 90 percent chance, they would have to save $124,000.
Those who are planning for retirement should also make an effort to think about senior housing options. Longterm care insurance can be a responsible investment for adults who want to ensure that they are safe and provided at an assisted living facility in old age, according to The New York Times.