Other highlights of the survey include the following:

76% of all respondents underestimate or don’t know the average cost of health care in retirement. Over one third (40%) expect to spend $100,000 or less, but current estimates indicate the average retiree will have nearly $200,000 in costs.
28% of Americans underestimate how long people need to work to qualify for Social Security, 26% overestimate the number of years necessary, and 26% don’t know. The correct length of time is 10 years, which was selected by only 20% of respondents.
47% of Americans underestimate the average monthly Social Security payment, while 35% overestimate it. The correct amount, according to Kiplinger.com, is about $2,000 — which was selected by only 17% of respondents.
54% of all respondents think Social Security will remain solvent beyond the current predictions of 2033, or they don’t know when it may become insolvent. Conversely, 17% expect the program to remain solvent through 2050 or longer.
78% of respondents have a positive view of Medicare, but 81% still worry about retirement health care costs.
73% of respondents have a positive view of Social Security.

Medicare turns 60 on July 30, and Social Security celebrates its 90th anniversary on Aug. 14.

Instant Insights /

Americans deeply worried about future of Medicare and Social Security, survey finds