A new survey found retirees and near retirees had differing opinions on their own ability to address long term care costs, whether they will be better or worse off than their parents in retirement, and the most appealing aspects of retirement.
Created by Allstate and National Journal, the survey asked Americans of all ages for their feelings about retirement. The survey separated those over fifty into two groups: those who were still working, referred to as near retirees, and those who had already retired, referred to as retirees. When asked about their confidence in their ability to provide a secure retirement and cover long-term care expenses, retirees were more self assured than near retirees. 79 percent of current retirees were very or somewhat confident in their ability to cover long term care costs and create a secure retirement for themselves, while 67 percent of near-retirees felt somewhat or very confident. When asked how confident they were that they could cover the costs of assisted living or other future expenses related to senior care, 58 percent of retirees were confident while just 47 percent of near-retirees felt confident.
Retirees and near retirees had different thoughts of how their retirement will or has compared to their parents. 42 percent of retirees reported having a more secure retirement than their parents, while only 27 percent of near retirees expected a more secure retirement than their parents. The same discrepancy was seen when participants were asked about comfort. 47 percent of retirees reported having a more comfortable retirement than their parents had, while only 25 percent of near retirees expect a more comfortable retirement than their parents.
Retirees and near retirees find different aspects of retirement appealing. 44 percent of retirees say that spending more time with family and friends is the most appealing aspect of retirement, while only 28 percent of near retirees feel the same way. Near retirees are more likely than retirees to find pursuing hobbies and interests or traveling to be the most appealing part of retirement.
Read the complete results of the survey: Heartland Monitor XI: Retirement.
Suggested Articles:
