Gallup: Americans Fretting About Retirement

May 21, 2007 (PLANSPONSOR.com) - Not having enough money for retirement is the number one financial worry of Americans - at least until they pass age 65, according to Gallup's annual Personal Finance poll.

Middle-aged Americans (35- to 64-years-old) fret the most about saving for retirement, paying medical bills, and maintaining their standard of living, according to a Gallup news release . 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%.

While fewer than half of the youngest adults – 18- to 24-year-olds – are generally concerned about retirement savings (44% say they are very or moderately worried), this quickly changes. A majority of those in their upper 20s are concerned, not much different than those in their 30s, Gallup said.

Gallup said the age differences among those very or moderately worried about retirement include:

  • 18 to 34 years old, 55%
  • 35 to 64 years old, 65%,
  • 65 and older 32%.

According to poll data, the number of respondents worried/not worried about various issues in their life include:

  • not having enough money for retirement – 56%/42%.
  • not being able to pay medical costs of a serious illness/accident – 49%/40%.
  • not being able to maintain the standard of living you enjoy – 41%/58%.
  • not being able to pay medical costs for normal health care – 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%.

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