Half of GLP-1 Users Face Medication vs. Retirement Savings Trade-Off

GLP-1 medications are giving Americans greater optimism about living longer, healthier lives, but their cost is also creating a new retirement challenge. A survey from Nationwide Retirement Institute finds 51 percent of current GLP-1 users worry they may have to choose between paying for their medication and saving enough for retirement. Nearly a quarter (24 percent) say maintaining access to their medication is more important than increasing their retirement savings.

These tradeoffs are already affecting decisions that could have financial consequences long after today's prescription is paid. More than half (54 percent) of current GLP-1 users have already changed their financial behaviors, including 17 percent who have taken on debt, such as credit cards or loans; 14 percent who have withdrawn money from savings, investments or retirement accounts; and 14 percent who have reduced their retirement contributions or investments.

For many users, the expected health benefits may make those financial pressures feel worth it. Nearly nine in 10 (88 percent) current users say taking a GLP-1 makes them feel more optimistic about their long-term health, and 64 percent say they may retire later because taking the medication makes them feel healthier.

"Medical innovation is changing how we think about living longer and healthier, and that's a good thing. But living longer also means your money may need to last longer," said Kristi Martin Rodriguez, leader of the Nationwide Retirement Institute. "If what you're spending on your health today is competing with what you're saving for tomorrow, that needs to be part of the financial planning conversation."

Longer, healthier lives bring new retirement challenges. The possibility of better long-term health creates its own financial planning challenge: preparing for a potentially longer retirement. More than half (56 percent) of current users say they may need more money for future healthcare expenses if they live longer, while nearly half (49 percent) say the possibility of living longer makes them less confident in their retirement plan.

For people who continue GLP-1 treatment over time (many will for the rest of their lives), the ongoing cost of the treatment adds another layer of uncertainty. Nearly six in 10 (59 percent) current users worry about being able to afford GLP-1 medication in retirement. Current users whose medication is not entirely covered by insurance pay an average of $203 out of pocket each month.

Despite those concerns, the health benefits users expect from GLP-1s may be reducing the urgency they feel to prepare financially. Nearly six in 10 (59 percent) say the expected health benefits of GLP-1s make them feel less pressure to increase their retirement savings. Similarly, 57 percent say the expected health benefits make them less concerned about needing additional health or long-term care insurance in the future.

Together, these findings point to a potential planning gap: GLP-1 users are increasingly optimistic about living healthier, longer lives, even as many may be financially unprepared for the additional years those health benefits could bring.

A new conversation for retirement planning. As GLP-1s and other medical innovations reshape expectations for health and longevity, they are also creating new conversations for retirement planning. Nearly six in 10 (59 percent) current users expect a financial professional to advise them on the financial impact of GLP-1 medications or other health innovations, yet 47 percent have never discussed the topic with an advisor.

"The connection between health and wealth has never been more apparent than with the rise of GLP-1 medications," Rodriguez said. "These drugs offer the potential for a longer, healthier life, but they also come with financial implications that we can't ignore. It's time to have a conversation about how the expense and benefits of these drugs impact our financial decisions today and our long-term financial outlook. Retirement savers trying to strike this balance should be intentional in creating a plan with a trusted financial advisor that keeps saving for the future on track to prepare for a longer, healthier retirement."

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