Health, Family Take Precedence in Aging Americans' Minds

A survey from BMO Wealth Management determined health, family, and finances to be older Americans' biggest priorities, reports Financial Advisor . Forty-six percent of 502 Americans 55 or older cited health problems and costs as leading concerns, while 45 percent listed family burdens and 44 percent named worries about depleting their finances. Leaving nothing behind for their heirs, loneliness, little purpose, and being a victim of abuse, neglect, or fraud ranked lower. The senior U.S. populace is projected to grow at a faster rate than the number of children through 2060, driven by declining fertility rates and increasing longevity. However, the length of the average retirement has held steady over several decades at 18 years because people are remaining in the workforce longer. The proportion of people aged 65 and older who no longer work due to retirement fell from 72.5 percent in 2004 to 68.1 percent in 2014, and that number is expected to continue to decline as lifespans increase and Americans enjoy healthier lifestyles well into their 60s and 70s. Many Americans are staying employed longer due to their concerns about healthcare costs, long-term-care needs, and the sustainability of retirement assets, while others are seeking new careers, freelance work, or temporary employment for emotional reasons.