4 out of 5 workers aren’t saving for health care in retirement

Not saving for health care expenses is a costly mistake that many clients make, according to a new study.

In fact, four out of five workers don't consider health care expenses when they're determining how much savings they'll need to enjoy a comfortable retirement, according to the Employee Benefit Research Institute's 2018 Retirement Confidence Survey.

Among current retirees, the numbers aren't much better: three out of five retirees haven't calculated how much health care costs impact their savings.

Estimates show that a 65-year-old couple retiring today will need about $280,000 for their medical expenses in their golden years, and they should know that Medicare does not cover all of it.

To help pay for those extra expenses, one option is the Medicare Advantage Plan, or Medicare Part C. Another option is to contribute to a health savings account, where contributions are deductible and distributions are not taxed if used for qualified medical expenses.