I AM A SONIC BOOMER, NOT A SENIOR... In this blog, I am writing to and for those who believe that the Boomers will change what the word Senior means. I also believe that Boomers will change what retirement means in our society. The blog is also for those who are interested in what life after retirement may look like for them. In this blog I highlight and write about issues that I believe to be important both for Seniors and working Boomers.
Saturday, July 23, 2016
The impact of health on retiree lifestyles and satisfaction with life.
•This report presents the results of research conducted by
Greenwald & Associates on behalf of MassMutual, examining the impact of
health on retirees’ lifestyles and satisfaction with retirement.
•The research surveyed 905 retirees who were one to 15 years into
retirement and 912 pre-retirees who were one to 15 years before retirement.
•Respondents were required to be at least 40 years old, to have at
least $50,000 in savings and investments, and to at least share a role in the
household’s financial decision-making.
•The 15-minute survey was conducted online using ResearchNow’s
online consumer research panel. Fielding took place in September 2014.
•A similarly sized random sample of 905 respondents would have a
margin of error at the 95 percent confidence level of plus or minus 2
and Wealth Contribute to Retirement Satisfaction
•Health predicts satisfaction with retirement:
it is critical to a good retirement
•Healthcare expenses are higher than what retirees had expected.
•Pre-retirees are worried about encountering health problems in
•Retirees share pre-retirees’ sentiment, and they are acutely aware
of the increasing cost of healthcare.
•Retirees are concerned about their ability to manage healthcare
expenses in the case of chronic and debilitating illness, including the cost of
•Health and wealth predict retirees’ ability to
engage in enjoyable activities in retirement, including traveling/vacations,
hobbies, and dining out.
•Retirees are concerned about the potential for health declines in
the future and they indicate wanting to avoid placing any burden on their
family, particularly their children.
•Having higher assets and income in retirement
is unsurprisingly linked to feelings of financial security and being able to
afford a comfortable lifestyle, but it doesn’t necessarily make retirees
happier or more fulfilled.
•Health actually appears to be the more important driver of well
being in retirement. Those in better health are more likely to enjoy retirement
and feel fulfilled, have new experiences and opportunities in retirement, and
are less likely to experience several negative retirement outcomes.
Health & Wealth
•Health is a major driver:
•87% of retirees in better health felt secure at
retirement vs. 69% of those in poorer health.
•The loss of health is costlier to retirees’ overall experience
than the loss of wealth.
•76 percent of retirees 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, 80 percent of retirees in better health report having a
positive experience in retirement, compared to only 59 percent of those who are
in poorer health.