The real costs of retirement are beginning to get some attention from Baby Boomers…and anyone else who doesn’t want to spent the rest of life clocking in at a job.
A free online health costs calculator from AARP estimates health costs in retirement and helps users create a personalized action plan, and even shows how to figure in healthy lifestyle changes.
Even with an employer plan, out-of-pocket costs such as health care are often overlooked and can add up quickly, at times reaching more than $200,000 a couple. Despite this number, a new study found that only one third of Americans close to retirement age have even thought about saving for extra expenses.
Cynthia Thompson, ABC 10 News Director, recently spoke via satellite with Jean C. Setzfand, vice president of financial security at AARP. She leads AARP’s educational and outreach efforts aimed at helping Americans have financial peace of mind in retirement. Her work focuses on providing consumer-friendly information on money matters, retirement decisions and protecting age 50 and over consumers from investment fraud. She holds a B.A. in Economics from the University of Pennsylvania and an M.B.A. in Finance from the University of Chicago’s Graduate School of Business.