A recent poll by the Harvard School of Public Health, National Public Radio and the Robert Wood Johnson Foundation, entitled “Retirement and Health” revealed some interesting observations about the way we think about life, health and retirement.
When asked how long they expect to live, 40 percent of retirees expected to live into their 80s, 22 percent expected to live into their 90s and 10 percent of retirees expected to live to at least 100 years old.
Pre-retirees are anxious about the future and expressed a great deal of concern over financial matters – especially affordable health care. 31 percent of pre-retirees responded that it was very likely and 34 percent said it was somewhat likely that they would have trouble paying health-care insurance premiums in retirement, 30 percent said it was very likely and 38 percent said it was somewhat likely, they would have trouble paying for long-term care, if needed, and 27 percent said that it was very likely and 34 percent said it was somewhat likely they would have trouble paying overall medical bills for themselves or a spouse/partner.
The financial challenges facing recent retirees and pre-retirees are serious. Rising health care costs, volatile investment returns and the loss of market value in their homes has created great uncertainty for millions of seniors and aging baby boomers.
It is more important than ever to meet with financial advisors, insurance experts and estate planning experts to plan effectively for retirement and your future health care needs.