FORT LAUDERDALE, Fla., March 31, 2020 (GLOBE NEWSWIRE) -- SeniorLiving.org (https://www.seniorliving.org/) today released its report, “2020 Report on the Financial Confidence of America’s Seniors and Their Adult Children”. The report examines issues related to financial matters and retirement planning.
Highlights from the inaugural research, include:
- Stock market turbulence due to COVID-19 pandemic is causing concerns for seniors and their adult children, each reporting 43 percent being “concerned” or “very concerned.”
- Cost of healthcare is the top concern for both retirement-age adults (33 percent) and their adult children (32 percent).
- Most seniors and their children report being “comfortable” or “very comfortable” discussing finances; less than 10 percent of seniors and less than 17 percent of adult children are uncomfortable.
- Disconnects apparent about financial assistance and, especially, retirement living arrangements, as senior are eight times (32 percent) more likely than their adult children (four percent) to say they plan to live in an assisted living facility or nursing home, if necessary.
- Nearly two-thirds (64 percent) of older Americans say they are financially ready for retirement.
“The findings of our report show that pandemic or not, seniors have prepared for retirement and the future ahead,” said Jeff Hoyt, editor-in-chief of SeniorLiving.org. “Retirement is a tremendous undertaking for the entire family, and it takes a team effort. We hope this inaugural report will provide answers to the many questions retirement planning entails.”
SeniorLiving.org’s “Senior Living’s 2020 Report on the Financial Confidence of America’s Seniors and Their Adult Children” is available at https://www.seniorliving.org/research/senior-financial-confidence-2020/.
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SeniorLiving.org, with a history of helping seniors and caregivers, is the most comprehensive directory of senior living options. From senior housing to health and care, money management, and more, SeniorLiving.org’s mission is to help seniors age with ease. Through articles and guides written by senior care experts, SeniorLiving.org deliver real facts and figures to back up its advice and recommendations. For more information on SeniorLiving, visit: https://www.seniorliving.org/.
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Gretchen Wagner
for SeniorLiving.org
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