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The Widener University 'Elder Pennsylvanian Survey' Finds Pennsylvania's Baby Boomers Anticipate Working Longer, Retiring Later to Help Offset Looming Health Care Costs
Date:1/15/2008

CHESTER, Pa., Jan. 15 /PRNewswire-USNewswire/ --- According to data from the 2000 US Census, Pennsylvania's population ranks among the second oldest in the United States behind Florida. Widener University, in conjunction with the Pennsylvania Department of Education, recently released "The Widener Elder Pennsylvanian Survey," aimed at investigating the outlook of this demographic. The survey talked to baby boomers and centenarians about their attitudes toward their futures, work, wealth, and health issues. Overall, Pennsylvanians are very worried about health care expenses destroying their retirement nest eggs. In fact, 67 percent of respondents fear they will spend all of their savings on health care. Other key findings indicate Pennsylvania boomers are concerned about the following:

-- Greater anxiety over medical benefits than their elders faced.

-- Living longer and retiring later, also expecting more flexibility in the workplace.

-- Emotional and financial dimensions that factor into the decision to retire.

-- Increased personal responsibility in planning their retirement outcomes.

Pennsylvania baby boomers, those born between 1946 and 1964, who are aged 43 to 61, reported increased anxiety about health care costs, which indicates that both the state and local governments will face an important challenge in the future. A staggering sixty-six percent of working individuals were either "very worried" (21 percent) or "somewhat worried" (45 percent) about spending all their money on health care. In fact, 78 percent of the workers "agree" or "strongly agree" that they continue to work just to maintain medical benefits. In addition, those who are in "poor health" are much more likely to be "very worried" (40 percent) than those who classify their health as "excellent" (15 percent).

"From changing attitudes towards retirement, to growing boomer anxieties over health care, the statistics uncovered in the firs
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SOURCE Widener University
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