Boomers (still) wrong on health care costs

Critics point to the associated costs of Obamacare, but the cost of private insurance might still surprise most boomers. According to a new survey, Americans are dramatically underestimating their retirement health care costs and insufficiently planning as a result.

The July survey of something called the First Command Financial Behaviors Index finds that 72 percent of Americans are at least somewhat concerned about health care costs in retirement, with those closest to retirement expressing the most concern. Respondents predict that they will need about $33,000 above traditional retirement savings to cover health care costs during retirement. While significant, this estimate is only a fraction of the $166,000 in out-of-pocket expenses estimated for someone retiring today and living to age 100.