Almost 60 percent of Americans aged 60 and older are concerned that health care costs (56 percent) and 43 percent are concerned that prescription drug costs are outpacing retirement savings, according to a new NCOA/Ipsos survey. The national survey also finds that women are even more concerned than men about these costs and the potential impact on their family.
“All too often, older women are feeling the very real consequences of the income gap during retirement. After careers of earning less than their male counterparts, women are more likely to face financial insecurity, and this survey shows widespread concern among women, far more than men,” said Anna Maria Chávez, NCOA executive vice president and chief growth officer in a news release.
The National Council on Aging in partnership with Ipsos, a polling and data firm, released the results recently.
“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. 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,” Chávez said.
The survey of 1227 adults aged 60 and older conducted between May 29 and June 14 found the rising cost of health care and prescription drugs and losing their independence are the top concerns of older adults and a direct threat to a secure retirement. Here are some of the findings from the survey, according to the release.
60 percent of women aged 60 and older are worried health care costs will exceed retirement income.
- 56 percent of Americans aged 60 and older, regardless of gender, are worried that health care costs will exceed retirement income.
- 68 percent of Americans aged 60 and older with household incomes of under $50,000 are worried.
46 percent of women aged 60 and older are worried that prescription medicine costs will exceed retirement income.
- 43 percent of Americans aged 60 and older, regardless of gender, are worried that prescription medicine costs will exceed retirement income
- 54 percent of Americans aged 60 and older with household incomes of under $50,000 are worried.
51 percent of women aged 60 and older are worried about outliving their savings.
- 48 percent of Americans aged 60 and older, regardless of gender, are worried about outliving their savings.
- 61 percent of Americans aged 60 and older with household incomes under $50,000 are worried.
59 percent of women aged 60 and older are worried about losing their independence.
- 54 percent of Americans aged 60 and older, regardless of gender, are worried about losing their independence and almost half (46 percent) worry about becoming a burden to their families.
52 percent of women aged 60 and older are worried about becoming a burden to their families, a full 12 percent more than men.
The survey was released at NCOA’s Age+Action Conference, June 17-20 in Washington, DC. The conference is a national convening focused on ensuring every person’s right to age with their best possible health and economic security. The event brings together 1,000 professionals from across the country who are dedicated to making aging well possible for all.
“Our recent NCOA/Ipsos survey of older Americans finds that most people 60 and older report being pretty happy with their current lives,” reports Annie Weber, senior vice president at the research company Ipsos in the news release. “That is despite majorities of this group reporting worry about their physical health and their health care costs exceeding their savings.”
These are findings from an Ipsos poll conducted May 29-June 14, 2o19. For the survey, a sample of 1227 adults aged 60 and older from the continental U.S., Alaska, and Hawaii were interviewed online in English. The poll has a credibility interval plus or minus 3.2 percent points.
Source: The National Council on Aging and Ipsos
