Nor was that concern relegated to those with lower incomes, according to a new survey from Edward Jones. In fact, those with an income of more than $75,000 are much more concerned about paying for their healthcare later in life (33%) than those with an income of $25,000 (16%), according to the survey.
Not surprisingly, the older the respondent, the more likely they were to be concerned about healthcare costs – 43% of those 55 to 64 years old were concerned, compared with just 10% of younger Americans.
The study, which was conducted by Kelton Research on behalf of Edward Jones, also highlighted that one in five respondents said they would have to rely on others to support them in retirement, though only about half that number (11%) of Baby Boomers thought they would have to rely on others.
Only one in ten said they would have to work longer than normally anticipated to fund retirement.