Northbrook, IL, Feb. 12, 2001—When asked to identify their top fears related to retirement, Baby Boomers cited the cost of healthcare, not having enough money and becoming sick as their top concerns.
According to the Allstate Financial “Retirement Reality Check” survey, rising healthcare costs was the fear cited most frequently by Baby Boomers, at a rate of 39 percent. Fully 36 percent of surveyed Boomers anticipate that healthcare costs will be the single-most expensive drain on their future retirement funds.
But despite their health-related worries, only 29 percent of surveyed Baby Boomers said that if given the chance, they would have taken better care of their health. And ironically, only six percent of surveyed individuals listed exercise as one of their top-rated retirement activities.
Other top fears cited by surveyed Baby Boomers included not having enough money (29 percent), the absence of Social Security (25 percent) and getting sick (27 percent).
“It’s no secret that, as we get older, we spend more money on doctors’ visits and prescriptions,” said Tom Wilson, president of Allstate Financial. “Consumers should work with a financial advisor to develop a retirement savings plan that will enable them to anticipate these and other future costs.”
According to the Administration on Aging, in 1999, Americans over the age of 65 spent an average of 11 percent of their total expenditures on health care — more than twice the five percent average across all age groups.
“With longer life spans and earlier retirement dates, Americans can easily live another 30 years after they stop working. Therefore, it’s more important than ever to have a retirement savings plan in place to help pay for all the anticipated and unanticipated costs during these years. And the sooner individuals begin saving for retirement, the easier it will be,” said Wilson.
The Allstate Financial “Retirement Reality Check” survey was created by Allstate Financial in conjunction with Harris Interactive. Using a random digit dialing methodology, Harris polled 1,004 people born between 1946 and 1961, with household incomes ranging from $35,000 to $100,000. The margin of error is Р’В±3.1 percent.
Allstate Financial Group is a business unit of The Allstate Corporation (NYSE: ALL), representing the affiliates that provide life insurance, retirement, investment and health and disability insurance products. Allstate Financial is the marketing name for Allstate Life Insurance Company, its subsidiaries and certain affiliates. Widely known through the “You’re In Good Hands With AllstateР’В®” slogan, Allstate Financial can help its customers achieve a secure financial future with a broad array of retirement solutions. Allstate Financial is also a premier provider of variable annuities and long-term care insurance. In addition, through workplace marketing, Allstate Financial offers life, health and disability insurance through employee payroll deductions. Customers can access Allstate Financial products and services through approximately 60,000 financial professionals, including Allstate agents, independent agents, and banks and securities firms.
FOR MORE INFORMATION:
Allstate Media Relations