Americans Cite Health Care in Retirement as Top Concern

An Edward Jones news release said the number of respondents expressing the health care concern significantly eclipsed the number who cited other issues such as having to work during one’s later years. Not surprisingly, nearly half of those respondents nearest to retirement age (55 to 64 years old) were much more likely to be concerned about health care costs than their younger counterparts (43% vs.10%).

“In many ways, Americans are saying they are concerned that health and medical costs are likely to take the biggest chunk out of their nest eggs,” said Lindsey Wilkins, a partner and retirement planning expert at Edward Jones, in the news release.

The study, conducted by Kelton Research on behalf of the St. Louis-based financial services firm, also found that one in five respondents said they would have to rely on others to support them after they stopped working. Baby boomers were more positive about the future than others, with only 11% of boomers saying they expect to rely on others financially in their retirement.

Retirement concerns were also not confined to those households with lower incomes. In fact, the reverse is true as those with an income of more than $75,000 were much more concerned about paying for their health care later in life (33%) than those with an income of $25,000 (16%).

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