Many said discouraged about retirement outlook
PR Newswire
Only 21 percent of future retirees say life in retirement will be better, and 28 percent of recent retirees say life is worse in retirement, according to a new
Retirees who say life is worse in retirement cite income (78 percent) and cost of living (76 percent) as the top reasons why, according to the poll, conducted on behalf of
The 1,000 American adults age 50 or older surveyed online by Harris Poll also are concerned about a variety of possible changes to
"With growing uncertainty and looming potential changes, Americans in or nearing retirement need help navigating the complexity of the program," says Tina Ambro?y, president of sales and distribution for Nationwide. "When and how Americans file for
Taken as a whole, the survey shows undercurrents in three areas that relate to the broader negativity: future retirees' expectations differ from current retirement realities, health care costs continue to be a driving concern, and many future retirees don't understand basic elements of the
Key differences exist between older Americans' retirement expectations and the realities of most current retirees, especially as they relate to
For example, future retirees expect to receive
The differences don't stop there. Most American adults age 50 or older anticipate spending their benefits on living expenses such as groceries (84 percent) and housing (61 percent). Future retirees expect to spend 29 percent on housing, 23 percent on groceries, and 20 percent on health care. However, retirees are somewhat more likely to say they spend their benefits paying health care costs (59 percent) than they do for housing (56 percent).
"Many Americans nearing retirement have misconceptions when it comes to planning for and sper .ing their
One in three retirees say health problems are interfering with their retirement. Among those who have them, 75 percent say health problems occurred sooner than expected, with most of those (65 percent) saying their health issues emerged more than five years earlier than anticipated. In addition, the expenses associated with health care keep about a quarter of retirees (24 percent) from living the retirement they expected.
"The average American claiming
Consumer expectations also might be too high. Just over half of future retirees and 59 percent of recent retirees expect
The survey indicates that while older Americans perceive themselves as understanding
Consumers crave knowledge to help combat their misconceptions, and they look to their financial advisers for information. Four out of five future retirees who work with a financial adviser say they would switch advisers if it meant they would receive advice on maximizing
Advisers need to help clients understand the intricacies of
Tools such as
The 2017 Social Security Study was conducted online within the
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