Study: Generation X Unprepared for Healthcare Costs During Retirement

Study: Generation X Unprepared for Healthcare Costs During Retirement

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black woman textingA recent study conducted by Weber Shandwick reveals that Generation X is not prepared when it comes to managing healthcare costs during retirement.

The study emphasizes that Gen Xers (those born between 1964 and 1980) must become more aware of the link between health and wealth and how one impacts the other.

The study, entitled “Leveraging the Gen X Retirement Market: From Overlooked to Opportunity,” says that while this generation is focused on retirement planning, they are challenged by future healthcare costs. This generation worries about their long-term financial security, particularly when it comes to paying for healthcare.

In addition, those surveyed say they are attempting to lead a healthy lives today in order to prepare for the future, but few are taking healthcare costs in retirement into consideration.

Key report findings:

Roughly  77% of Gen Xers say they are not consulting a financial planner to help them plan for retirement, compared to 63% two years ago.

Many GenXers expect to work well past their ideal retirement age.

42% of GenXers have less than $50,000 saved for retirement.

Approximately 30% of GenXers say they are highly knowledgeable when it comes to financial matters.

Read the full report here.