2013 Conference

Financial Services

Financial Services

In recent years, individuals in the United States have become more responsible for the financial aspects of their retirement planning. Many employers have shifted from defined benefit to defined contribution plans, the sustainability of benefits for both Social Security and Medicare have been cast into doubt, and life expectancy has increased. The health status of each partner can influence retirement planning in a variety of potentially contradictory ways. This study examines retirement planning behaviors and wealth accumulation in an effort to distinguish the possible influences health on household retirement preparation. It aims to assess if the retirement preparation efforts of healthy couples differ significantly from the efforts of couples who have been diagnosed with serious health problems. Data for this study are derived from two sources—the University of Utah Retirement Planning Survey (UURPS) and the Utah Population Database (UPDB).  Financial planners and educators along with social policy makers will benefit from the information presented in this study as they determine stages of retirement planning requiring support and intervention especially for those households experiencing significant health issues.