Benefits May 22, 2001

Boomers Off To a Good Start, But?

May 22, 2001 (PLANSPONSOR.com) - Boomers are beginning to retire in fine financial shape - but rising health care costs could undermine that strong start, according to the AARP.
Reported by

The typical boomer household was worth $134,000 in 1998, according to the report, a 36% increase over the $98,000 median net worth of over-50 households in 1983.

However, the number of Americans with private health coverage declined 12.2% to 6.7% over the 1990s.  The report notes that members of this generation spend about 19% of their income on medical care.  In fact, AARP says four in 10 Americans will experience poverty at some point after turning 60.

AARP notes that some Americans are putting off retirement.  Last year 17.5% of men remained in the workforce past age 65, up from the 15.8% who did so in 1985.

In 2000, 9.4% of women remained in the labor force after age 65, compared with the 7.3% who kept working in 1985.

 

«