Sen. Bob Graham: “far too many individuals do not contemplate the financial, health, and social implications and consequences of their…”

“far too many individuals do not contemplate the financial, health, and social implications and consequences of their retirement years. The majority of Americans do not plan comprehensively for their retirement; they do not consider the potential outcomes of typical decisions made at or before retirement, such as: relocating, utilizing Medicare and supplemental insurance, living solely on Social Security and/or a pension, and experiencing extended periods of leisure time. Research shows that Americans only become aware of these issues as a reaction to their changed circumstances, when it is too late to alter major lifestyle decisions. Many people spend more time and effort planning a 2-week vacation than planning the 20-plus years they could spend in retirement. As the U.S. population ages, persons will live an increasingly greater percentage of their lives as retirees. According to the National Center for Health Statistics, the average life expectancy for a 65-year-old in 1950 was 13.9 additional years, while, in 1990, the average 65-year-old could expect to live 17 more years. In this 40-year period, the life expectancy has increased 3.1 years. As most retirees rely on Federal programs, such as Medicare and Social Security for health insurance and retirement income, lack of health and retirement planning has substantial long-term costs for the Federal Government. Furthermore, the lack of retirement planning can impact the quality of life.”