Concerns About Retirement

Healthcare, it has always been healthcare.

Among the Americans today that are aiming for a comfortable life of retirement, their major concern seems to having not enough money for health and medical costs when the come to need it in their old age. A survey conducted by Kelton Research for the investment and retirement planning expert Edward Jones in 2006 affirmed this concern.

According to survey, Americans who are nearest to retirement age are much more likely to be concerned about healthcare costs than the relatively younger ones. The more younger you are and the more far-off your retirement age, the less they are concerned with anything.

Older people who feel old age especially their diminishing health are obviously more likely to be concerned about healthcare benefits when they retire. And this healthcare concern is more than just fear. This is a reality that they have to face.

Healthcare costs are skyrocketing every year. Your previous estimation of the costs of your healthcare before you were planning your retirement will no longer apply with the high charges and costly medical services. Moreover, government subsidies are being tightened with cost saving measures that the government believes to be prudent are being implemented.

The Kelton survey also indicates that retirement concerns are not limited to households with lower incomes only. The study shows that those who are earning more are the ones more likely to worry about paying for their healthcare when they retire.

One way to estimate your future healthcare needs is to get your current healthcare expenses and factor in things like co-pays, deductibles and prescription medication. Your family’s health history can also be a great reference for your future medical needs.

But healthcare is not the only concern of those nearing retirement. It is indeed on the number one spot but other concerns by people facing the trasition into retirement includes reduction or discontinuation of social security benefits, having no-one to take care of them, getting more sickly and weak, not having enough money to go around, moving away from their homes, and being bored.

The problem with people is that despite their concerns, they just don’t act with haste and are often behind in their retirement plan savings. These guys have no sense of emergency while they are still young and before they realize it they are nearing retirement age. This is the time they start to feel sorry, and scared.

Preparation need not be that hard. There are professionals who you could ask for sound retirement advice.

For future needs, budgeting and managing finances, there a number of individuals that you talk to when you have concerns regarding your impending retirement age.

 

Posted by Ardent Editor on Jul 27 2007 in Retirement 101

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