Franklin Templeton Investments released its Retirement Income Strategies and Expectations (RISE) survey of investors, finding that Americans are most concerned about paying for medical and pharmaceutical expenses in retirement.
Their next biggest concerns, according to the survey, are paying off debt and funding assisted living care.
The survey also digs deeper into retirement income concerns and strategies across generations, as views and specific needs begin to diverge.
“This year’s RISE survey findings really highlight how individualized a person’s retirement savings plan needs to be,” Michael Doshier, vice president of Retirement Marketing at Franklin Templeton Investments, said in a statement. “The differences between generations, even among those of the same gender, show that comprehensive retirement planning requires a holistic view that incorporates demographic differences and short-term risk tolerances as well as long-term goals.”
The 2018 Franklin Templeton RISE survey was conducted online among a sample of 2,002 adults comprising 1,002 men and 1,000 women 18 years of age or older. The data is weighted based on current population statistics from the U.S. Census Bureau Generational groups are defined as follows: Millennials (ages 20-37), Gen X (ages 38-53), Baby Boomers (ages 54-72), and the Silent Generation (ages 73-91).
Check out the gallery above for some findings from the survey.
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