A just-released survey by Allianz Life has found that regardless of party affiliation, Transition Boomers—those ages 55 to 65 who are less than 10 years away from retirement—see rising health care costs and Social Security as having the greatest effect on their retirement outlook.
According to Allianz Life Insurance Company of North America’s 2012 Retirement & Politics Survey, 67% of all Transition Boomers listed health care expenses as their top concern–with Republicans at 64%, Democrats at 69%, and independents at 66%.
Social Security ranked second at 53% for all Transition Boomers, followed by tax payment changes (31%), rising national debt (26%), unemployment (19%) and education (4%).
The survey, conducted from Sept. 17 to 20 among a random sample of online panelists with more than 1,200 baby boomers ages 55 to 65, found that, among these six economic issues, Democratic Transition Boomers are more focused on Social Security (65% of Democrats versus 42% for Republicans, 50% for Independents and 54% for those with no preference) and Republicans on rising national debt (38% of Republicans versus 15% for Democrats, 29% for independents and 19% for those with no preference) than their counterparts.
Katie Libbe, vice president of consumer insights for Allianz Life, said in statement announcing the results that “regardless of political affiliation, Americans are facing tough challenges in the years ahead. It’s crucial that everyone starts the process of retirement planning as early as possible to build toward a future with some certainty and security. Finding the time and energy to devote to retirement planning is a challenge, but the strategic choice can pay dividends down the road.”