Among the leading concerns for those surveyed are the following:
- Health challenges and the cost of healthcare are top of mind, even more so among the affluent. Only one in nine is totally confident in being able to pay healthcare expenses.
- Living longer also is leading to insecurity about affording the retirement years. Most do not want to be a burden on their families, but also do not want to sacrifice quality of life. Loneliness is a concern.
- With longer life spans, increasingly there are multiple generations living in the same household. Sometimes, the recent economic challenges have impacted more than one family member. Adults of retirement age may be supporting elderly parents as well as children, simultaneously.
- Where to live in retirement while possibly supporting older parents has crossed the minds of many people.
- Knowing what financial decisions to make is confusing to many, particularly as self-reliance has increased. The move away from pension plans and strains on programs such as Social Security have been contributing factors.
The report is very instructive because it takes a big picture view of retirement. Saving for retirement is an important goal, but it is helpful to understand the challenges that individuals face and will face in the years ahead.