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Obamacare is officially underway, but one-third of American workers still feel that the program will lead to higher health care costs that will delay their retirements, according to a new poll from MoneyRates.com.
The Op4G-conducted survey asked 2,000 respondents in the U.S. how they expect Obamacare will impact their exit from the workforce. Thirty three percent said that Obamacare will force them to delay retirement, compared with just 17 percent who said it will allow them to retire earlier. The remainder were split about evenly between those who do not think the program will affect when they retire, and those who do not know.
Measuring the fear around Obamacare
With the program still in its early stages, the actual impact of Obamacare -- also known as the Affordable Care Act -- remains to be seen. What can be said at this point is that the debate over the program has created a certain amount of fear, and this survey measures the degree of that fear.
Thirty three percent of respondents said that because of higher health care costs, Obamacare would force them to delay retirement -- and some felt it would do so by a significant time interval. Thirty nine percent of those who feel they will have to retire later believe the delay will be by five years or more, and another 30 percent believe the delay will be between three and five years.
While 33 percent expect Obamacare to delay their retirement, just 17 percent believe that it will lower health care costs enough for them to retire earlier than they previously planned. Also, those who expect to be able to retire earlier see a milder magnitude of impact than those who expect they will have to work longer. Seventy one percent of those who expect Obamacare will allow them to retire earlier expect it will move up their retirement date by three years or less. Just 8 percent believe it will accelerate their retirement by five years or more.