While concerns about not being able to pay for healthcare in retirement have abated somewhat to 23% of Americans, down from 30% in 2006, more people, 19%, are worried about having to work longer to supplement retirement savings, up from 12% in 2006, according to a survey of 1,008 people conducted by Opinion Research Corp. for Edward Jones.
Twenty-six percent of those between 45 and 54 are worried about having to work longer. Overall, 19% dread having to rely on others for support, and among those 18 to 34 years old, this fear rises to 34%.
“While the numbers may have changed slightly from the 2006 survey, the concerns remain the same for Americans of all ages,” said Joan Fernandez, principle at Edward Jones. “We don’t know the future of healthcare costs and we can’t predict the outcome of elections, but we do have control over how we plan for retirement. This survey reinforces the need for a solid retirement plan that addresses the issues and fears that Americans have about saving for retirement.”