Skip to main content

Older adults most satisfied with finances

May 22, 2012

There has been a considerable amount of news recently about the high retirement cost of living and whether seniors will be able to meet it, but results of a recent survey paint a rosier picture. A Gallup poll found that seniors over 75 are the most likely age group to have positive feelings about their finances.

The study took a number of aspects of financial security into consideration, and researchers found that most of the 75-plus crowd felt positively. For instance, 86 percent reported being satisfied with their standard of living and 72 percent said they felt good about the amount of money they had. Additionally, 84 percent believed they have enough money to buy necessary items.

While the oldest cohort reported the strongest feelings about their financial standing, people who are entering retirement age were also confident about meeting senior living costs. The 65 to 74 crowd had similar feelings, with 78 percent happy with their standard of living and 83 percent saying they had enough money to buy what they need.

The encouraging results come amid several studies that have not been as positive. Among them is research from Fidelity Investments that suggested retiring couples need $240,000 to cover healthcare costs.