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Edward Jones Survey Shows Health-Care Cost No. 1 Retirement Concern
Posted on: 2006-12-29 13:18:01 Edward Jones Survey Shows Health-Care Cost No. 1 Retirement Concern Only 10% Predict They Will Work Longer to Fund Retirement Edward Jones Survey Shows Health-Care Cost No. 1 Retirement Concern ST. LOUIS, Dec. 27 /PRNewswire/ -- Nearly one-third of Americans say not having enough to pay for health care is the biggest concern facing our nation in retirement, well above others like working well into one's sunset years, according to a new survey from Edward Jones. "In many ways, Americans are saying they are concerned that health and medical costs are likely to take the biggest chunk out of their nest eggs," said Lindsey Wilkins, a partner and retirement planning expert at Edward Jones. In fact, those concerns appear real when faced with figures that health care spending is expected to reach $2.9 trillion in 2009 and $4 trillion by 2015.* Furthermore, nearly half of those respondents nearest to retirement age (55 to 64 years old) are much more likely to be concerned about healthcare costs than younger Americans (43 percent vs. 10 percent), proving that retirement reality is very different from perception. The study, which was conducted by Kelton Research on behalf of Edward Jones, also highlighted that one in five respondents said they would have to rely on others to support them in retirement. Yet only one in 10 said they would have to work longer than normally anticipated to fund retirement. The baby boomer generation remains more positive about the future than others in the survey, with only 11 percent saying they expect to rely on others financially in their retirement. "Retirement planning often takes a backseat, with many people concentrating on the here and now, rather than their future," said Wilkins. "Seeking the right advice is vital to helping ensure financial security in your retirement. Putting away a small amount today can make a real difference tomorrow." Retirement concerns are not confined to those households with lower incomes. In fact, the reverse is true as those with an income of more than $75,000 are much more concerned about paying for their healthcare later in life (33 percent) than those with an income of $25,000 (16 percent). About Edward Jones Edward Jones provides investment advice and financial services for individual investors in the United States and, through its affiliates, in Canada and the United Kingdom. Every aspect of the company's business, from the types of investment options offered to the location of branch offices, is designed to cater to the individual investor in the communities in which they live and work. The firm's 10,000 investment representatives work directly with more than 7 million clients to understand their personal goals -- from college savings to retirement -- and create a long-term strategy for their investments that emphasizes a well-balanced portfolio and a buy-and-hold strategy. Edward Jones embraces the importance of building long term, face-to-face relationships with clients, helping them to understand and make sense of the investment options available today. Edward Jones is headquartered in St. Louis, Mo., and can be found at http://www.edwardjones.com/. |