Basics or Luxuries? Baby Boomers Consider A Luxury-Filled Retirement
Although most people are concerned about healthcare costs many are not saving specifically for healthcare down the road. More than half of the consumers indicated they would rather work longer to pay for healthcare expenses, rather than give up luxuries in retirement.
The survey was conducted online by Harris Interactive last May and included over 1,000 consumers aged 45-65 with a total of $100,000 or more of investable liquid assets who are employed and either a sole or shared financial decision maker.
"An interesting pattern that we noticed throughout the research was that as consumers age, things that were once considered luxuries are more likely to be considered basic needs--thereby reaffirming that Boomers essentially want it all," said Matthew Leung, director and head of practice management programs at MainStay Investments. "In fact, almost half of consumers (47 percent) say they would downsize their home in retirement in order to afford these luxuries."