Older African Americans Concerned about Retirement

March 8, 2011 (PLANSPONSOR.com) - A new AARP survey of New Yorkers age 50 and older, which focuses on how African Americans view their financial security and retirement, finds that 49% will delay retirement if the economy does not improve.

Of those who plan to delay retirement, 41% said they will delay retirement for five or more years and 13% expect never to retire.  

Sixty-six percent of older African Americans are worried about how they would maintain their finances and lifestyle in retirement. According to a press release, 59% are worried about managing debt, 65% are concerned about saving for the future, and 50% are worried about having access to work retirement savings plans.  

While ninety-eight percent said staying healthy and having adequate health coverage was extremely important, less than one-third think they have what they need in regards to these two subjects. Many concerns about health care are tied directly into financial worries, the press release said. Eighty percent worry about having to pay more for health care and 72% worry about becoming financially devastated due to health costs.   

Older African Americans’ confidence that their children’s generation will be better off is not high. Only 37% feel confident that it will be better for their children’s generation than it has been for them.  

More information is at http://www.aarp.org/ny.