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Most Americans Fear Retirement: NAVA

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NU Online News Service, March 28, 2005, 11:15 a.m. EST

Almost all Americans say they have some financial concern about retiring, a recent survey finds.[@@]

The survey by the National Association for Variable Annuities, Reston, Va., found that 95% of Americans are uneasy about their financial situation in retirement. 42% feared either running out of money prematurely or having to downgrade their lifestyle in retirement.

In addition, 28% worried that high health care costs could drain their retirement savings quickly. 16% worried about the possible decline of Social Security payments, and 9% worried that inflation would eat up much of their hard-earned retirement savings.

NAVA’s survey, “2005 Financial Retirement Fears,” also made these findings:

  • The financial fear weighing heaviest on the minds of those aged 18 to 34 was the premature depletion of retirement savings, cited by 24% in that age group.
  • Part-time workers across all age groups showed high concern about running out of money during retirement, almost 40% more than full-time workers in the survey.
  • Full-time workers aged 35 to 54 worried a great deal about being able to maintain their lifestyles in retirement. 37% of Americans in the age group ranked the inability to keep up their current standard of living as one of their top 2 retirement fears.