Majority of Americans Underestimate Health Care Costs in Retirement

Wealthy clients are not immune to underestimating their health care needs in retirement. Three-quarters of workers with over $250,000 in assets said they are confident they'll be able to pay for health care after they retire, but only 26% have established a plan to do so.

Overall, consumers are largely pessimistic about their ability to pay for health care after they stop working. Forty-three percent say they are "not at all confident" and just 9% say they are "very confident."

If there's good news, though, it's that Americans are adopting healthier lifestyles. More than half of respondents said they have made lifestyle changes as a way to fend off higher health care costs in the future; 12% say they have made "major" changes, although the survey did not identify what qualified a change as "major."

While only 9% of respondents said they have already borrowed from their retirement accounts to pay for a health emergency, 51% think they'll never be able to replace the money they used.

With unemployment still over 8%, Americans may have more immediate reasons for taking a job, but across all age groups Americans agreed health care benefits are an important factor in deciding whether or not to accept a position. Almost one-quarter called health benefits the "single deciding factor" in their decision to accept a job.