Friday, April 24, 2015
Whoever said, "If you have your health, you have everything," must have been retired.Health is typically more important than wealth when it comes to determining the well-being of America's retirees, according to a recent MassMutual Retirement Services study. Retirees in better health are more likely to feel financially secure, enjoy retirement, feel fulfilled, and are less likely to experience negative emotions.
The study shows that the loss of health is more costly to a retiree's overall experience than the loss of wealth. Three-quarters (76 percent) of those with $250,000 or more in assets report having a positive retirement experience, compared to 68 percent of those with less than half the assets. However, the health gap is much steeper: 80 percent of those in better health report having a positive experience in retirement, compared to only 59 percent of those who are in poorer health, regardless of how many assets they own.
Four in 10 retirees overall say they spend more on health care than they expected before retiring, with 43 percent spending more than $5,000 annually and 14 percent spending more than $10,000.
In focus groups conducted as part of the study, many retirees expressed concerns about the potential impact of their family health history, especially in later years. Many retirees also talked about working longer to maintain their healthcare insurance.
Source: MassMutual Retirement Services
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