November 28, 2012 (PLANSPONSOR.com) – Looking ahead to retirement, investors have several financial concerns.
A T. Rowe Price survey found the top retirement concerns among investors ages 21 to 50 are health care costs (76%), rising taxes (67%), Social Security availability (63%), inflation (61%), long-term care (58%), living too long and running out of money (52%), and housing values (52%).
Only 16% of investors expect to receive full Social Security benefits as currently promised. The remaining 84% expect to receive no Social Security benefits (36%) or some form of reduced benefits when they retire (48%).
When asked what they are doing differently to prepare for retirement as a result of this Social Security view, the most common responses among the 84%-group were saving more (42%) and planning to work longer (29%); 13% said they are doing nothing about it, 11% said they are investing more aggressively, and 5% said they do not plan to retire.