Retirees who are senior citizens, are extremely concerned about their long-term health care expenses, according to a recent T. Rowe Price survey.
Specifically, seventy-two percent of retirees are anxious about their long-term care expenses such as nursing home care and home healthcare. Healthcare expenses are the most frequently cited spending concern by the respondents. the most according to a new national survey, making such expenses the most frequently cited spending concern by respondents.
T. Rowe Price polled over 1000 retirees who have a rollover IRA or a left-in-plan 401(k) balance.
Retirees: Survey Results
Twenty-eight percent of the respondents identified long-term care expenses as their “major concern”.
Breaking down the data by years in retirement, 30% of those retired for 11 or more years said long-term care expenses were a major spending issue.
Twenty-seven percent of those who have been retired for one to 10 years also chose long-term care expenses as their key issue.
On the other hand, Forty-four percent of respondents said long-term care expenses were a “minor concern.” Such expenses were tied with out-of-pocket healthcare expenses as the most frequently cited expense as being a minor spending concerns.
Finally, twenty-eight percent of respondents said long-term care expenses were not a concern. This was the lowest percentage of all expense types about which retirees said they had no concerns.
In short, health is the major concern for the majority of senior citizens polled.