Well-off in U.S. anxious about old age

Feb. 24, 2012 at 12:43 AM
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NEW YORK, Feb. 24 (UPI) -- Nearly 80 percent of U.S. adults with assets of $250,000 or more said the cost of healthcare is their top financial worry in retirement, a survey indicated.

The survey by Merrill Lynch, a subsidiary of Bank of America Corp., of about 1,000 affluent Americans with investable assets of more than $250,000, found despite the anxiety about the rising cost of healthcare, 62 percent of participants age 50 and older haven't estimated potential retirement healthcare expenses.

In addition, since women outlive men by about five years on average, about two-thirds said they were concerned they might outlive their assets, compared with 54 percent of men, the survey said.

Slightly more than half of respondents who haven't retired yet would rather retire later than make trade-offs in their current lifestyle, the survey found.

About 25 percent of respondents said they would rather retire closer to age 85 than 65, but if that isn't possible, 81 percent would make adjustments, including: 38 percent said they would trim day-to-day expenses; 35 percent said they would purchase fewer luxuries; 32 percent said they would limit vacation spending; 24 percent said they would move into a smaller home; 27 percent said they would keep their cars longer; and 25 percent said they would leave less money for inheritances.

No further details were provided.

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