Americans 'Terrified' Over Healthcare Costs in Retirement, Says Nationwide Survey

Americans are clearly "terrified" about healthcare costs in retirement, but they can put their minds at ease if they plan ahead, said John Carter, president of Nationwide's retirement plans business. More than seven-of-10 Americans nearing retirement (71%) say they are "terrified" of what health care costs may do to their retirement plans, according to the sixth annual Nationwide Retirement Institute survey. Nearly three-of-four older adults (74%) say one of their top fears in retirement is out-of-control costs for health care. Americans nearing retirement are largely worried about the unexpected, according to the survey. The top concern when planning for retirement (76%) is not having the funds to cover unplanned medical expenses. For example, 34% of the respondents said they would be unable to pay for unplanned expenses as low as $500 today and 53% would be unable to cover more than $1,000 in unexpected expenses.