Life Spans, Health Care Costs and Rethinking Retirement
Three out of four affluent Americans would change how they approach money management if they knew they would live to be 100, according to the Merrill Lynch Affluent Insights Survey. Respondents said they would continue working at least part-time and/or re-evaluate their saving and investment strategies if they knew they would become centenarians.
The survey asked more than 1,000 individuals with investable assets of $250,000 or more about their goals and concerns. Many respondents cited the uncertainty of longevity and health care costs as key challenges to their investment strategies. Rising health care costs were cited as a top concern by 79% of respondents. Sixty percent were concerned about ensuring they have enough assets to last throughout their lifetime.
Many respondents said they do not expect to have a source of lifetime income beyond what is supplied by Social Security. As for pensions, just 38% of those under 50 anticipate or currently recieve a pension (versus 57% for those over age 50).
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