However, of those baby boomers planning to retire within the next five years, only 51 percent know how much income they will need in retirement. In addition, only 48 percent of baby boomers are confident they will be able to cover medical expenses in retirement.
There is a common perception among employees that the Affordable Care Act (ACA) will increase health insurance costs, as reported by 59 percent of the respondents. While 85 percent say they are familiar with the ACA, only 19 percent have looked into using a health care program from a marketplace or exchange. Sixty-one percent say their employer has not provided any tools or resources to help them understand the effects of the ACA on their financial health.