26% of Americans Misunderstand Medicare -- and It Could Ruin Their Retirement

When you're saving for retirement, it's imperative to consider all costs you're likely to incur in your later years. Unfortunately, just over a quarter of Americans are laboring under a major misconception about Medicare that's preventing them from doing that. The mistake could be a costly one that jeopardizes their financial security.

According to Bank of America's 2020 Workplace Benefits Report, only around half of all employees surveyed indicated they are saving money for healthcare expenses in retirement. For those who aren't saving, one of the biggest reasons was an incorrect belief about Medicare. A full 26% indicated Medicare, Medicaid, or Social Security would cover their healthcare expenditures in their later years -- and because they expect their bills to be paid, they believe they don't need to set aside money for care. 

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Source Fool.com