According to a recent Harris Poll survey, the next generation of retirees is ill prepared to transition into retired life. The survey, which was conducted on behalf of the Nationwide Retirement Institute, reveals that many soon-to-be-retirees would choose death over the prospect of handling health care costs.
The results from the survey reveal more about these fears. From Home Health Care News:
Among the respondents, 69% indicate that out-of-control health care costs top their list of fears as they enter retirement, while 66% claim they would prefer to die before they would live in a nursing home. About 59% say they worry they’ll become a burden to their families, but more than half haven’t discussed these matters with loved ones or their financial advisors.
The reasons for avoiding such conversations varied among participants—20% believe it’s a personal issue, 19% say they don’t know enough about health care costs in retirement to bring them up and 10% simply argue they don’t want to think about it.
“Too many people act like if they ignore the problem, it will go away,” John Carter, president of Nationwide’s retirement plans business, said in a prepared statement. “Americans are living longer and need to adequately prepare to cover health care costs and other expenses for those years. Not discussing these issues does not mean they won’t happen.”
Nationwide is an Ohio-based insurance and financial service provider.
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