by
Alyssa Gerace Published
Americans
aged 60 and older are more likely to be concerned about the sufficiency of
their finances rather than a deterioration in health, according to a recent
national survey.
More than half of respondents (53%) say they are concerned about
whether their savings and income will be sufficient to last them for the rest
of their lives, while another 33% were not concerned, according to the
2013 United States of Aging Survey, conducted by the National Council on Aging,
UnitedHealthcare, and USA Today.
Among
retired seniors, 43% relied on Social Security as their primary source of
retirement income. More than four in ten (41%) of non retired seniors planned
to rely on Social Security in retirement.
Despite future fears, most respondents reported no difficulty in
affording current expenses.
For 66% of respondents, it’s “easy” to pay monthly living
expenses, and only 18% reported the need to reduce regular spending in 2012 in
order to pay a monthly regular bill.
However, nearly two in ten (19%) said it was “difficult” to
afford monthly living expenses, based on current income and savings.
Six in ten seniors believe their health will stay the same in
the next 5-10 years, the survey said. Another 13% think their health will
improve, while less than a quarter (23%) predict their health will worsen
during that timeframe.
While seniors believed their health wouldn’t change much in the
upcoming decade, many aren’t doing anything to manage existing conditions or
maintain good health.
Nearly two in ten (18%) seniors reported having five or more
chronic health conditions, while 65% reported having two or more. However, more
than half (51%) haven’t set any specific goals to manage health in the past
year, while 43% have taken no steps toward preventing falls.
Scott Larson
Reverse Mortgage
Specialist
(408) 315-2503 direct
(408) 872-4002 fax
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