Edward Jones survey shows paying for healthcare as top retirement fear
As Americans grapple with how the recent election results, pending legislation, and economic recovery will affect their futures, one thing is certain: they remain fearful of not being able to pay for healthcare costs during retirement.
In a recent survey from financial services firm Edward Jones, nearly a
quarter (23 percent) of Americans said not being able to pay for healthcare costs in retirement was their top fear, a percentage that has actually decreased
over the last four years. In 2006, when Americans were polled on this
topic, 30 percent said paying for healthcare was their greatest fear. The survey
also found that 19 percent of Americans are worried about having to work longer to supplement retirement savings versus 12 percent in 2006.
Americans between the ages of 55 and 64 are considerably more worried
(35 percent) about not being able to cover healthcare costs than those of lower
age brackets but not as worried as those polled in 2006 (43 percent). Gender also influenced this sentiment, as 27 percent of women indicated that they
were most concerned about healthcare costs, while only 19 percent of men consider this their greatest fear post retirement.
The study of 1,008 respondents, which was conducted by Opinion Research
Corporation on behalf of Edward Jones, revealed that a large percentage of
Americans also rank “having to work longer to supplement retirement
savings” (19 percent) and “having to rely on others for support” (19 percent) as major concerns as they approach retirement. Respondents between the ages of 45 and 54 showed the most anxiety (26 percent) about having to work longer to
supplement their retirement savings.
Americans in lower age brackets (24 percent of 18-24 year olds and 24 percent of 25-34 year olds) are most concerned about having to rely on others to supportthem during retirement. Additionally, within these age groups (18 percent in eachage bracket respectively), respondents also indicated that they are more concerned about “not being able to make provisions for family” than those older than the age of 35.
Household income also had a considerable effect on respondents’ retirement
fears, as Americans with annual incomes between $75,000 and $100,000,
indicated that they are most concerned about “having to work longer” (35 percent) and “having to cut back on a desired lifestyle” (21 percent). Respondents in lower income brackets are more concerned about “having to rely on others for support” and “not being able to provide for family” after they are gone.
For more information about Edward Jones in the area, please contact
Eric Tibbs on Ft Myers Beach located at 7205 Estero Blvd
(suite 726) at 463-0164.