Average Americans don’t have a clue how much money they will need for health care expenses in retirement. Putnam Investments wants to help them find out. This fall it will introduce a new feature to its 401(k) offering that will bring greater focus on health care costs, the company announced at its recent Health, Wealth, and the Future of Retirement Forum in New York City. 

The new feature will allow Putnam 401(k) plan sponsors to provide their participants with a customized estimate of how large a slice of their expected future monthly income will be needed to cover their health care costs in retirement. The personalized monthly health care cost projections will be generated from individual participant data and cost models using proprietary actuarial-based guidelines, Putnam said in a press release.

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