Mature Marylanders Fear Lack of Money, Healthcare Will Kill Retirement Dreams

Most Maryland residents 50 and older feel they are not ready to meet their health or financial needs in retirement, according to results of a national “Dreams and Challenges” survey released by the AARP.

Nine in 10 Marylanders told the nonprofit, nonpartisan AARP that staying healthy and mentally sharp and having adequate health insurance are their top concerns. Just one in four said he or she has everything needed to address those concerns.

More than a third cited economic issues as the biggest concern for older adults in the state.

“This survey tells us that too many older Marylanders are uncertain they can attain, or maintain, good health and a secure retirement,” said Rawle Andrews Jr., AARP Maryland senior state director. “It spotlights some fundamental issues of vital importance to older Marylanders, and – as we all grow older – all Marylanders.”

Results of the study, released Monday, show “a measurable gap between the importance they place on health and financial security, and older Marylanders’ confidence in their ability to meet these needs,” added Tiffany Lundquist, spokeswoman for the Maryland group.

The state results are part of a nationwide AARP survey of more than 29,000 adults aged 50 and older. The organization questioned people from every state, the District of Columbia, Puerto Rico and the Virgin Islands between Jan. 2 and Jan. 31, 2011. The margin of error for the random telephone study is plus or minus 5 percentage points.

The Maryland results are based on a sample of 401 state residents.

Asked what they personally dream about for retirement nearly half the Marylanders, 49 percent, said they want to spend time traveling, while 14 percent said they want to pursue hobbies and interests.

Spending time with family and friends also was extremely or very important to 91 percent of those questioned but just 41 percent said they believed they had the ability financially or otherwise to do that.

Additionally, staying in their own homes as they age is important to Marylanders 50 and older. Nearly all said it was important to have long-term care services that allow people to remain in their own homes.

Sixty-five percent said they strongly support allowing funds that currently may be used only for nursing home care to be used for long-term care that permits people to stay in their own homes or communities.

They also said they strongly support strengthening enforcement of quality standards for nursing homes in the state.

Four in ten said they have difficulty paying their electricity bills, with 14 percent calling it a serious problem, and they said they don’t believe elected officials are doing enough to keep electricity affordable.