Two-thirds of baby boomers who are within 10 years of retirement say that rising healthcare costs will have the greatest effect on their retirement outlook, according to a new report.
Allianz Life Insurance Company of North America, Minneapolis, published this finding in a summary of results from its 2012 Retirement & Politics Survey. The survey polled more than 1,200 baby boomers ages 55 to 65.
Two-thirds (67%) of these “transition boomers” list healthcare expenses as their top concern, with Republicans at 64%, Democrats at 69%, and independents at 66%. Social Security ranks second at 53% for all transition boomers, followed by tax payment changes (31%), rising national debt (26%), unemployment (19%) and education (4%).
The survey also finds that, among these six economic issues, Democrat 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.
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Nearly six in 10 (59%) of Republican transition boomers identify themselves as conservative or moderately conservative compared to 36% of Democrats. However, the survey notes, Democrat transition boomers are more likely to be balanced in their retirement savings approach, with 29% identifying themselves as balanced versus 18% for Republican boomers.