Concerns about Medicare and rising health care costs ranked as the 4th most pressing financial concern for pre-Medicare people ages 50-64, according to a recent AARP “Anxiety Index” survey. The other top 3 concerns were rising prices, taxes and financial stability in retirement.
Contrary to the common stereotype that baby boomers are living plush and “high on the hog,” many boomers have experienced significant financial set-backs in the last 10 years with the volatile stock market and dissolution of pension plans and retirement funds. These experiences are reflected in the survey results, with:
- 72% of non-retired boomers believing they will probably be forced to delay retirement, and 50% having little confidence that they will ever be able to retire;
- 65% having little confidence that they will have the means to live comfortably in retirement; and
- 59% fearing that the negative effects of the economic downturn on their retirement savings will force them to rely more heavily on Social Security and Medicare, both of which they are concerned won’t be around when they need them.
In the poll of 1,852 registered voters ages 50+, 95% of them said Medicare was critical to maintaining the health of older adults and those with disabilities, yet only 41% of this group said they were somewhat or very confident that it would exist for them and future generations upon retirement.
For more information, view the AARP “Anxiety Index” survey results.