Americans, particularly women, nearing retirement age are uneasy about the impact of health care and prescription drug costs on their retirement savings, according to a survey by NCOA/Ipsos.
The survey of 1227 adults aged 60 and over, conducted between May 29 and June 14, found that 56 percent of Americans, age 60 and over are concerned that health care costs and 43 percent are concerned that prescription drug costs are outpacing their retirement savings.
The anxiety level for women scored higher with 60 percent of women aged 60 and over believing health care costs will exceed retirement income and 46 percent saying prescription medicine costs will exceed retirement income.
“Those results underscore the reality of an uneven playing field for women in the American economy and the economic opportunity cost after years as mothers and caregivers and not wage-earners,’’ Anna Maria Chávez, NCOA executive vice president and chief growth officer said in a prepared statement.
She added, “However, the ever-rising cost of health care and prescription drugs are a real and imminent threat to a safe, secure, and dignified retirement for aging adults across the country regardless of gender. Those on fixed incomes are even more worried.”
Indeed, 68 percent of lower-income seniors, earning $50,000 or less, are concerned that their retirement savings will not be enough to cover health care costs, and 54 percent believe prescription medicine costs will exceed their savings.
The 60 plus group also lose sleep over outliving their savings with 48 percent, regardless of gender, indicating that’s the case. Fifty-one percent of women and 61 percent of lower-earning seniors concurred.
The survey also found that 59 percent of women age 60 and over are worried about losing their independence, while 54 percent overall felt that way.
In addition, becoming a burden to their families is a concern for 46 percent, but for women, that number jumped to 52 percent.