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Retirement News
Most Americans Worry About Affording Retirement -
Until They Pass 65: Gallup
Even most upper-income households worry
about retirement income
May 17, 2007 Not having enough money for
retirement is the number one financial worry of Americans at least
until they pass age 65. This is according to Gallup's annual Personal
Finance poll, updated in April, in which Americans were asked to rate
the amount of concern they have about each of several financial
problems.
Retirement is Top Concern
Of the eight specific items rated in this year's
poll, "not having enough money for retirement" generates the most
concern, writes Lydia Saad of Gallup News Service.
Even a majority of Americans in upper-income
households say they are "very" or "moderately" worried about their
retirement income.
The prospect of paying for medical costs in the
case of a serious illness or accident also ranks high among the public.
Of slightly lesser concern, but still a worry for
at least one-third of Americans, are paying medical costs for normal
healthcare, covering a child's college expenses, and being able to pay
one's normal monthly bills. Less worrisome are being able to pay housing
costs such as rent or mortgage, or making the minimum monthly payment on
credit cards.
Middle-aged Americans (those 35- to 64-years-old)
shoulder the most anxiety when it comes to saving for retirement, paying
medical bills, and maintaining their standard of living.
Anxiety about retirement savings appears to taper
off in the early 60s, however not until retirement age (65 years old)
does the percentage of respondents saying they are very or moderately
worried again fall below 50%.
|
Next,
please tell me how concerned you are right now about each of
the following financial matters, based on your current
financial situation -- are you very worried, moderately
worried, not too worried, or not worried at all? If a
particular item does not apply to you, please say so.
|
|
|
Total
Worried |
Total
Not Worried |
|
|
% |
% |
|
Not
having enough money for retirement |
56 |
42 |
|
Not
being able to pay medical costs of a serious
illness/accident |
49 |
50 |
|
Not
being able to maintain the standard of living you enjoy |
41 |
58 |
|
Not
being able to pay medical costs for normal healthcare |
36 |
61 |
|
Not
having enough money to pay for your children's college |
34 |
26 |
|
Not
having enough to pay your normal monthly bills |
33 |
66 |
|
Not
being able to pay your rent, mortgage, or other housing
costs |
26 |
69 |
|
Not
being able to make the minimum payments on your credit cards |
18 |
64 |
|
Worry
About Retirement
by Detailed Age
(average for
2005-2007) |
|
|
Very
Worried |
Moderately
Worried |
Total
Worried |
|
|
% |
% |
% |
|
18- to
24-year-olds |
25 |
19 |
44 |
|
24- to
29-year-olds |
28 |
33 |
61 |
|
30- to
34-year-olds |
29 |
40 |
69 |
|
35- to
39-year-olds |
30 |
32 |
62 |
|
40- to
44-year-olds |
32 |
33 |
65 |
|
45- to
49-year-olds |
33 |
34 |
67 |
|
50- to
54-year-olds |
33 |
36 |
69 |
|
55- to
59-year-olds |
29 |
32 |
61 |
|
60- to
64-year-olds |
21 |
33 |
54 |
|
65- to
69-year-olds |
17 |
17 |
34 |
|
70
years old or older |
10 |
20 |
30 |
Read the full report at Gallup, click here
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Copyright: SeniorJournal.com |
