Increasing Costs of Aging Keep Older Americans Up At Night

The top financial worries that weigh heavy on older Americans are increasing costs of living and unexpected medical expenses, according to a new report.

Twenty-eight percent of older Americans say their biggest concern is increasing costs of living, and 24% cite unexpected medical expenses as their biggest concern, finds The 2015 United States of Aging Survey. The survey is conducted by the National Association of Area Agencies on Aging(n4a), the National Council on Aging (NCOA) and UnitedHealthcare. 

The 2015 survey comprised 1,650 telephone interviews, including nationally representative samples of Americans 60 and older, and professionals who work closely with them. 

When it comes to aging independently, both older adults and professionals would like to see more services that help older Americans with home modifications and repairs, at 62% and 97%, respectively. Professionals included staff from the Area Agencies on Aging, credit union managers, primary care physicians and pharmacists.

A majority of older adults have not changed residences in more than 20 years (58%), and 75% say they intend to live in their current home for the rest of their lives. Thirty-four percent of older adults have made bathroom upgrades to their home and 28% have improved lighting, data show.

Access the report here.  

Written by Cassandra Dowell

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