Almost all Americans say they have financial concerns about retiring, a recent survey finds.
The survey by the National Association for Variable Annuities, Reston, Va., found that 95% are uneasy about their financial situation in retirement. In addition, 42% feared either running out of money prematurely or having to trim back their lifestyle in retirement.
Among other worries: 28% were uneasy that high health care costs could drain their retirement savings quickly.
Just 9% feared that inflation would eat up much of their hard-earned retirement savings. The low level of concern probably stems from the relatively low general inflation rate in recent years, NAVA says.
Despite recent publicity about proposed Social Security reforms, relatively few seem worried about this issue. Only 16% said they were concerned about future Social Security payments.
NAVAs survey, “2005 Financial Retirement Fears,” also made these findings: