Study Shows Pre-Retirees Underestimate Their Care Needs in Retirement

It’s widely known that to set yourself up for a happy retirement, it’s important to save and invest wisely. However, as people are living longer, additional emphasis is being placed on taking care of your health, too. With health care being one of the biggest expenses during your retirement years, being as healthy as possible for as long as possible can not only allow you to enjoy life on your terms, but it also helps your retirement savings go further. 

Learnings from Recent Study

 A 2024 study by MassMutual, which polled 2,000 American “retirees” (defined as 15 years or fewer into retirement ) and “pre-retirees” (15 years or fewer before retirement), found that to achieve happiness in retirement, it’s crucial to work on financial and physical health prior to retiring. That’s because happier retirees tend to be more active, engaged in exercise classes and pursuing hobbies and spending more time with loved ones. 

If you’re looking forward to retirement or have recently retired, here are some other important facts this report uncovered. 

Planning for retirement.

• At least five years prior to retirement, retirees most often said they were preparing by contributing money to a retirement account (64%), increasing their savings (60%) and paying off debt (53%). 

• Fewer retirees made efforts to take care of their health (39%) or reach out to old friends or make new friends (7%) in the years leading up to their retirement. 

• The most common regrets retirees reported having were not increasing savings (15%), not taking care of their health (13%) and not reducing expenses (12%).  

Better preparation means a happier retirement.

• Nearly half (49%) of retirees who are much happier in retirement planned by taking care of their health (e.g., exercising, eating healthy) compared to 32% of retirees who are not happier in retirement. 

• When thinking about retirement, pre-retirees are most anxious about finances. However, once in retirement, retirees worry most about health issues, but they worry less overall than pre-retirees. 

Health and finances drive retirement anxiety.

• Financial uncertainty (44%), not having enough money to support myself/my family (43%) and health issues (42%) are top sources of anxiety for pre-retirees when thinking about retirement. 

• Retirees are most anxious about health issues (34%), financial uncertainty (26%) and feeling old (22%). 

• Retirees are more likely to feel they have experienced more illness/disability than expected the longer they are into retirement (18% retired within the last 5 years vs. 30% retired 11-15 years ago). 

How Much Care Will I Need as I Age?

According to the Department of Health and Human Services, almost 70% of seniors will need long-term care at some point for an average of 3 years. If you’re married and don’t think you’ll need care, what about your spouse?  

Happier Retirements Start at Galleria Woods

At Galleria Woods, we’re sure to have a contact option that fits your lifestyle. That way you can enjoy a vibrant, active lifestyle now, with convenient access to higher levels of quality, on-campus care should you, or your spouse, ever need it. To learn more, schedule a tour today by using our Community Assist chat feature or contacting us here. We’d love to show you how joining a thriving community can help you cover your bases in case you have an unexpected care need.