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11 Reasons Why Baby Boomers Aren’t Prepared To Retire

August 5, 2021 · Retirement Life, Saving & Spending
Photo by Dmytro Zinkevych from Shutterstock

Poor understanding of health costs 

Here’s something frightening to hear: There’s a 2018 analysis that explains how a healthy couple in their mid-60s need to have a budget between a third and a half million dollars for their health care expenses( supplementary insurance, copays, and other unplanned expenses).

But baby boomers don’t seem to have a clue about this. According to the IRI, baby boomers believe their health care costs will cost them less than 20% of their retirement income, and more than 1 in 4 believe it will cost less than 10%. So someone should definitely talk them out of their bubble pretty soon.

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