Baby Boomers’ Top Concern: Prices Rising Faster Than Incomes
While baby boomers are concerned about a number of economic issues, a new survey showed that most are worried about prices rising faster than their incomes.
According to the Association for Retired Persons’ Anxiety Index, 75% of the 1,852 registered voters surveyed said that was their main concern.
Sixty-two percent said they were most worried about health expenses while 73% said not having financial security in retirement caused anxiety. Seventy-one percent expressed concern about paying too much in taxes.
Thirty percent of the boomers surveyed said they regularly worry about being able to find a full-time job with benefits or keep up with their mortgage or rent.
Non-retired boomer voters were also pessimistic about retirement, according to AARP. Nearly three in four (72%) believed they will have to delay retirement, and roughly two in three (65%) worry they won’t have enough to retire.
Half of the boomers surveyed (50%) don't think they'll ever be able to retire while 59% said they believe the recent economic downturn will force them to rely more on Social Security and Medicare.