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July 24, 2012 at 10:21 AM
One third of pre-retirees are unsure about whether they can make ends meet when they reach retirement, according to a new report.
Allianz Life Insurance Company of North America, Golden Valley, Minn., published this finding in a summary of results from a survey of 1,095 individuals between the ages of 55 and 65. The survey was conducted in June by Ipsos U.S. eNation Online.
The survey reports that 33% of “transition boomers”— those ages 55 to 65 who are less than 10 years from retirement—are unsure as to whether they will have money to cover basic living expenses in retirement. The lack of clarity was most pronounced among women (39%), those with annual incomes below $50,000 (56%), unmarried individuals (39%) and those without a college degree (39%).
When asked about their biggest concerns in retirement, 28% of the boomers say “not being able to cover basic living expenses.”
While healthcare costs rank as the biggest concern among respondents at 32%, only 10% pick “keeping up with inflation;” and only 6% identify taxes in retirement as a top concern.
