When It Comes to Having Enough Money for Medical Care, Retiree Confidence Is Down

Retirement can be a financially challenging period of life, especially since seniors' needs can change over time. But if there's one senior expense that seems to keep going nowhere but up, it's healthcare. In fact, the average 65-year-old couple retiring today is expected to spend $387,644 on medical care throughout retirement, according to HealthView Services, a cost-projection software provider.

The fact that healthcare is expensive is generally not a shock for retirees. But many still fear that they won't have the resources available to cover their medical spending as needed.

In fact, in a recent survey by the Employee Benefit Research Institute, only 28% of retirees say they're very confident they'll have enough money to take care of their medical needs throughout their senior years, and only 42% are somewhat confident in that ability. All told, that's 70% of retirees expressing some degree of confidence. But while that may seem encouraging, it also marks a 10-percentage-point drop from the 80% of retirees who had some level of confidence last year.