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Older Consumers Wish They Had Known About Health Costs

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Many baby boomers and other older consumers wish they could go back in time and warn their younger selves about what health care and long term care would cost.

Researchers at Lincoln National Corp., Philadelphia, write about financial time travel wishes in a summary of results from a recent survey of 500 U.S. adults ages 42 and older.

The authors of the survey tied the questions to a new Lincoln marketing campaign that shows consumers jumping back and forward in time to visit their past and future selves.

About 33% of the participants said they wished they could tell their younger selves to do a better job of creating a lifetime income stream, and 27% said they would warn themselves to prepare for rising health care and LTC costs.

Another 19% would warn themselves not to depend on Social Security or a pension, researchers report.

About 15% would tell themselves to pay down debt, but 12% would tell themselves to take a more aggressive approach to investing.


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