The majority of middle-income baby boomers worry most about health care expenses, inflation and outliving their money, with women worrying more than men, according to a new report.
Exactly 95% of study respondents said they had financial concerns about their retirement, according to the study of 500 middle-income Americans between the ages of 47 and 65 with income between $25,000 and $75,000, released by Bankers Life and Casualty Co. Center for a Secure Retirement.
For women, the most pressing financial concerns include inflation, living longer than their savings and declines in the stock market.
For four-in-five respondents, health care drew the most worry, with most saying they were cutting costs.
Nearly half of participants (47%) said they expected their cost cuts to be permanent. Cuts they made included holding off going to the doctor (55%), postponing an elective surgery (26%) or changing to a less expensive healthcare plan (25%). Also, more than half (55%) of respondents say that they are spending less on discretionary items such as dining out, vacations and gifts, and 43% have reduced their credit card debt.
Middle-income baby boomers have three main retirement worries via IFAwebnews.com .
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