What is important in retirement, men and women disagree

In a report called Health and Retirement, Planningfor the Great Unknown, done by Merrill Lynch,  81 percent of today's retirees, believe that the most important ingredient for a happy retirement is good health, outranking financial security, which rang in at 58 percent. Ranking much lower as sources of retirement happiness are:

• Having loving family and friends (36 percent)
• Having purpose (20 percent)
• Trying new things 5 percent)

In another study, by the Chosun Ilbo and matchmaking firm Sunwood polled 300 senior citizens between 60 and 75 and found that older men and women differ widely on what is the most important ingredient for a happy life after retirement.

For women, the most important factor is financial independence with 37%. They believe money ensures that they can stay attractive, travel and enjoy other leisure activities.

Next came health (33%), friends (10%), and hobbies (8%).

But for men, the most important factor is health with 38%, followed by money (32%), hobbies (12%) and friends (6%).

A Sunwood researcher said, “The findings reflect the view that money and hobbies are useless without health. Men tend to have shorter life spans than women, which may be why they care more about their health."

This is interesting compared to the Merrill Lynch survey which found that as they approach retirement, boomers (both men and women) say they are far more likely to take charge of their health and health care than their parents’ generation. In fact, boomers have adopted a more empowered, proactive approach to health during every stage of their lives.

Boomers believe their own lifestyle decisions will be crucial for a healthy retirement. Their top strategies for maintaining health in retirement include diet, exercise, staying connected and work.  Boomers are also highly optimistic about their health, with nearly 80 percent expecting their generation will be healthy and active at the age of 75.

The Merrill Lynch study uncovered four Boomer Health Styles and revealed how these different types of boomers approach their health, health care, and preparation for health care expenses in retirement: Healthy and Proactive (29%), Lucky but Lax (10%), Course-Correcting and Motivated (29%), and Challenged and Concerned (32%). Which fits style are you?

·       The Healthy and Proactive take charge of their health and health finances. They are the most actively engaged in healthy behaviors such as exercise and eating well, have the most positive attitude about their health, and also feel well prepared for health care costs in retirement.

·       The Lucky but Lax have been fortunate to be relatively healthy so far, but show little interest and effort in taking care of themselves or planning for their health finances, leaving them potentially vulnerable to future unexpected health disruptions.

·       The Course-Correcting and Motivated have experienced a health “wake-up call,” such as an illness or diagnosis, and are now trying to improve their health by seeking out information and tools as well as adopting healthier behaviors.

·       The Challenged and Concerned are struggling with health challenges, yet many are not actively taking good care of their health. They are the most worried about the impact of illness on their finances, and are the most likely to say health care costs and insurance information are overwhelming and confusing.