Study: Soaring Healthcare Costs Top Retirement Concerns of Middle-Income Americans

Healthcare expenses, inflation and outliving their money are the top three financial concerns that the majority (78%) of America’s middle-income Baby Boomers have about retirement, according to a new study released by the Bankers Life and Casualty Company Center for a Secure Retirement (CSR).

The CSR’s Middle-Income Boomers, Financial Security and the New Retirement study of 500 middle-income Americans between ages 47 and 65 with income between $25,000 and $75,000, found that nearly all (95%) of the survey participants have financial concerns about retirement, particularly around healthcare (80%), and are taking drastic measures to cut costs.

The report cites two in three (64%) have taken action to reduce their healthcare expenses, including holding off going to the doctor (55%), postponing an elective surgery (26%) or changing to a less expensive healthcare plan (25%).

America’s financial meltdown was a wake-up call for many middle-income Boomers and according to the study nearly half (47%) of those surveyed expect that the changes they have made in their financial behavior will most likely be permanent.

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