It's difficult for people to anticipate just how much money they will need during retirement. This holds especially true when trying to set aside funds for medical care.
In fact, a survey from the Society of Actuaries says more than 60 percent of pre-retirees between the ages of 50 and 64 are not sure if they have set aside enough money to cover health expenses once they stop working. Furthermore, a quarter of respondents said they would retire later if healthcare costs continue to soar.
Actuary Tonya Manning says people need to figure out how they will pay for healthcare before it's too late.
"The combination of increasing life expectancy and greater healthcare costs could be devastating to personal finances if pre-retirees have not addressed these factors in their retirement plans," says Manning.
In addition to setting funds aside for healthcare, people should also consider life insurance. Depending on the type of policy, some plans allow for a steady stream of income during retirement, which can be used to cover medical expenses and other costs.