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Older New Yorkers Financial & Health Worries Extend to their Kids

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March 29, 2011

NEW YORK - Older New Yorkers are expressing a confidence gap over having the resources they need to maintain their health and finances, and that worry extends to their children, according to a new survey of New Yorkers over 50 being released today.

Marilyn Pinsky, state president of AARP New York, says their new survey finds these older New Yorkers' worries for themselves also include the younger generation.

"61 percent of older New Yorkers are deeply concerned about their children's financial future. They worry that their kids won't be better off than they are."

About half of the 50-plus New Yorkers surveyed ranked health care issues as the top problem facing mid-life or older adults, while over a third ranked economic issues as their biggest concern.

Pinsky says two out of three older New Yorkers are worried about being able to afford prescription drugs or other health services.

"Health concerns are directly tied into financial worries; 80 percent were worried about having to pay for their health care and 72 percent worried about becoming financially devastated due to health costs."

According to Pinsky, 70 percent of older New Yorkers surveyed worry about how they would maintain their finances in retirement. And for those still working, 58 percent say they will delay their retirement if the economy does not improve.

"Overwhelmingly, New Yorkers expressed concern about one or more financial issues and two-thirds that were surveyed worried about needing public assistance benefits to maintain their finances in retirement."

The full survey report is available at the AARP New York website, aarp.org

Mike Clifford, Public News Service - NY