Both Richards and McClanahan stress that financial fitness is as important as physical fitness. The large sum required for proper healthcare demands that healthcare be factored into everyday living expenses and that investors start saving earlier in their careers. Richards says there are options outside of the traditional 401(k) that allow for health-specific savings.
"When we work with our plan sponsors, we talk to them about health savings accounts, a relatively new concept," Richards says, referring to accounts that allow workers to save pre-tax income to pay for health-related costs. "If Fidelity is right and it's going to take $240,000 today to manage healthcare expenses outside of the government, now's the time to start saving."