For the five years LIMRA and Life Happens have conducted the Insurance Barometer study, consumers have been asked to list their main financial concerns.
Every year the top response is “Having enough money for a comfortable retirement.”
In the 2015 study, when asked why this was their top concern, nearly half (48 percent) of Americans said they worried that the overall state of the economy would affect their finances in retirement. These are legitimate concerns. Market volatility, low interest rates, and inflation all can erode a person’s retirement assets.
In addition, the possibility of increased taxes, cuts in Social Security and/or Medicare are worrisome – and all outside of a consumer’s control.