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Friday, May 31, 2013

Older Americans Are Worried About Health Care Issues

As Americans continue to live and work longer, health care issues have become the biggest worry for retirees.  That is one of the major conclusions in a study commissioned by Bank of America Merrill Lynch in partnership with Age Wave, a leading consulting firm on the aging work force.  The survey gathered responses from more than 6,000 individuals, age 45 and older, from all walks of life (including pre-retirees as well as retirees) who weighed in with their hopes and fears regarding retirement.

When asked about their greatest concern in regard to living longer, 72% said they were worried about serious health problems.  60% said they were worried about not being a burden to their family and 47% said they were worried about running out of money.  Only 13% of the respondents said they were worried about not having enough money to leave an inheritance to children and grandchildren.

The survey also asked about the top financial worries.  Again, the greatest response related to health care where 52% of respondents, with at least $250,000 in investable assets, indicated they were worried about the cost of health care.  Interestingly, only 6% of people with at least $250,000 in investable assets said they were worried about a lack of social security.  

A complete copy of the study may be found at:

http://wealthmanagement.ml.com/wm/Pages/Age-wave-Survey.aspx

According to the study, unanticipated medical expenses can derail years of retirement preparation and 60% of bankruptcies in the U. S. today are related to medical bills.  Health issues are also the number one reason why people retire early.





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