A new Gallup poll shows that two-thirds of Americans worry they will not have enough money for retirement, making it their top concern out of eight possible financial items. This represents a 13% increase in a 10-year period.
In 2001, Americans’ top three concerns were related to retirement security, having enough funds in the event of a medical crisis, and maintaining their standard of living, and Gallup indicates these issues have remained top concerns, with increased amounts of worry.
A closer look into the 66% of all Americans concerned about their future shows a staggering 77% of Americans in the 30-49 age range who consider themselves moderately or very worried about retirement—the most of any age bracket.
Many of those in that same age group also believe Medicare and Social Security are in a crisis, and Gallup says 74% of nonretiree investors plan to rely more on an IRA, 401(k), or other retirement savings than on Social Security.
The poll shows that worry about maintaining an an enjoyable standard of living has reached a new high at 58% of all Americans, up from 43% in 2001. Concerns over medical costs have been high since the 2008 recession, with 60% of those polled expressing worry.
More details from the Gallup poll can be viewed here.
Written by Alyssa Gerace