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Health and Financial Concerns Threaten Retirement Dreams of 50+ New Yorkers

Concerns About Financial Security, Working Longer, and Children’s Future Run High

A new AARP survey of New Yorkers age 50 and older shows a measurable gap between the importance they place on health and financial security and their confidence in meeting those needs. This deep concern carries over to worries about their children with 61 percent of New Yorkers 50+ reporting they are not confident that their children’s generation will be better than it has been for them.

Overall concern about financial issues runs high – with 70 percent worried about how they would maintain their finances and lifestyle in retirement, 51 percent worried about managing debt, and 64 percent concerned about saving for the future. According to the survey, almost everyone thinks that staying healthy and having adequate health insurance coverage are important, but only one-third feel they have what they need in regards to those two areas.

For working New Yorkers, 58 percent say they will delay retirement if the economy does not improve. Of those who plan to delay retirement, 43 percent said they would delay retirement for five or more years and 16 percent expect never to retire.

“In the wake of the national recession, older adults don’t have what they need to accomplish their most important goals due to growing concerns over health care and financial issues,” said Lois Wagh Aronstein, AARP New York State Director. “While mid-life and older adults would prefer enjoying a secure retirement, the reality shows those dreams are being replaced by real concerns about having enough money to retire and stay healthy.”

The survey, titled “Voices of 50+ New York”, is part of a large-scale AARP effort consisting of separate surveys in each of the 50 states, plus a national survey, to better gather information on the needs, interests and concerns of Americans 50+. The survey found large gaps between what New Yorkers believe they need to remain healthy, secure and active and what they expect to have.

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