The Most Common Anxieties for Adults Nearing Retirement
November 5, 2019
As adults near retirement age, they are confronted with a new wave of anxieties. With concerns about income, living situation and health at the forefront of many people’s minds, it is no surprise that the most common concern is one that touches on all of these aspects: healthcare costs. In a recent survey from the Nationwide Retirement Institute, of Americans over the age of 50, nearly 70 percent said that out of control healthcare costs was one of their top fears.
These fears are well-founded. A 65-year old couple can expect to spend $285,000 on healthcare costs over the course of their retirement, according to Fidelity.
Another major concern is the possibility of ending up in a nursing home. Half of those surveyed said they would rather die than end up in a nursing home. Of course, the cost of long term care is also a major cause of anxiety. Costs have skyrocketed in recent years can run as high as $100,000 annually for a private room in a nursing home.