Health Care in Retirement Tops List of Worries for both Rich and Poor
If your clients are like most folks facing retirement, finances aren’t their only concern – they also worry about how they will be able to pay for their health care in their old age. In fact, in a recent wealth survey, almost three-quarters of the people surveyed claim to be worried about having enough money to retire, as well as concerns about being able to afford their health care costs during retirement.
Even the wealthy share concerns about spending their later retirement years in a care facility or needing someone to care for them in their old age – millionaires surveyed showed that over half of the respondents were worried about that eventuality.
Like most people, one of your client’s major worries is having serious health problems, needing someone to care for them or a loved one, or spending their later years in a care facility. Most people surveyed said that they wanted their financial advisor to help them sort through health care and long-term care choices
The survey also found that many people are expecting to have to help support other family members through direct financial support, a place to live and health care or long-term care. After dealing with the financial and health problems of their elderly family members, the more concern your clients will have about protecting their health and providing for themselves in their own retirement years. That is one more reason to learn all you can about your clients’ family situation; it has a way of influencing their own opinions.
Health is clearly one of the biggest worries that everyone, rich or poor, has in their golden years.