As average Americans age, their top concerns are health, family and finances, in that order, according to a recent survey.
By 2030, the number of U.S. citizens over the age of 65 will outnumber children under the age of 18 for the first time since the U.S. Census Bureau started keeping statistics, according to “The Aging Economy: Improving With Age,” an October report from BMO Wealth Management.
The survey of 502 Americans aged 55 or older found that their top concerns were health problems and costs, named by 46 percent of respondents; being a burden on their family, 45 percent; and fear of running out of money, 44 percent.
Concerns ranked lower on older Americans’ list of worries included having nothing to leave to heirs, loneliness and not having a purpose, and being a victim of abuse, neglect or fraud.
Through the year 2060, the number of senior citizens in the U.S. will grow at a faster rate than the number of children, a trend driven by declining fertility rates and increasing life expectancy, the report said.
People are living longer than ever before, as life expectancy has increased to 76.3 years for men and 81.2 for women, the report said. But the length of the average retirement has remained stable over several decades at 18 years because people are staying in the workforce longer.
The proportion of people aged 65 and older who no longer work due to retirement dropped from 72.5 percent in 2004 to 68.1 percent in 2014, and that number is expected to drop as lifespans increase and Americans enjoy healthier lifestyles well into their 60s and 70s, according to BMO.
While many Americans are staying in the workforce longer due to their concerns about health-care costs, long-term-care needs and the sustainability of their retirement assets, others are seeking new careers, freelance work or temporary employment for emotional reasons, the report said.
More than 20 percent of working seniors are self employed, the report noted.
“Many Americans address these concerns by staying in the workforce or by earning self-employment income rather than relying on accumulated retirement savings,” said the report.