More employees with access to a workplace retirement plans say they are seeing their health care costs go up, and that is having a direct impact how much money they are saving in 401(k) plans, according to a new survey from Bank of America Merrill Lynch.
Almost 80 percent of surveyed employees said they have seen an increase in health care costs last year, up from the roughly 70 percent that claimed as much the previous year.
That means less disposable income, and less money to stash away in retirement plans. Nearly two-thirds of respondents in Merrill's 2017 Workplace Benefits Report said they are saving less for retirement in order to cover rising health care costs.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
