A survey of U.S. adults aged 60 and older on behalf of the National Council on Aging shows that, unsurprisingly, seniors are especially concerned by health and finance-related matters. Specifically, 56% say they are worried about health care costs exceeding their retirement income and 54% are worried about losing their independence. 48% worry about outliving their savings, 46% about becoming a burden to their family or others, and 43% that prescription drug costs will exceed their retirement income.
For all of these concerns, women are significantly more likely than men to be very or somewhat worried. On losing independence, paying bills, and becoming a burden, the difference exceeds 10 percentage points.
Financial security is paramount to U.S. seniors: 71% say that, in this stage of their life, it is very important to them and another 26% say it moderately important. Women (76%) are even more prone than men (65%) to rate financial security as very important. Financial security comes ahead of staying involved with family and friends (very important for 68%), practicing healthy living habits, i.e. healthy eating, exercising, not smoking, etc. (59%), and staying active with interests and activities (57%).
In contrast, only 35% rate learning new things and 15% getting involved in the community as very important. However, one quarter of seniors surveyed say their financial security is worse than they expected (25%). About as many say so of their physical health (23%).
To find out more about the survey and its results, click here.