Two-thirds of baby boomers who are within 10 years of retirementsay that rising health care costs will have the greatest effect ontheir retirement outlook, according to a new report.

Allianz LifeInsurance Company of North America, Minneapolis, published thisfinding in a summary of results from its 2012 Retirement &Politics Survey. The survey polled more than 1,200 baby boomersages 55 to 65.

Two-thirds (67%) of these “transition boomers”list healthcare expenses as their top concern, with Republicans at64%, Democrats at 69%, and independents at 66%. Social Securityranks second at 53% for all transition boomers, followed by taxpayment 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 independentsand 54% for those with no preference) and Republicans on risingnational debt (38% of Republicans versus 15% for Democrats, 29% forindependents and 19% for those with no preference) than theircounterparts.

Nearly six in 10 (59%) of Republican transition boomers identifythemselves as conservative or moderately conservative compared to36% of Democrats. However, the survey notes, Democrat transitionboomers are more likely to be balanced in their retirement savingsapproach, with 29% identifying themselves as balanced versus 18%for Republican boomers.

Regarding the effect the election will haveon their approach to retirement savings, 29% of Republicantransition boomers are likely to become more aggressive if Romneywins while 30% of Democrats would become more conservative. IfPresident Obama is re-elected, 81% of Democrat transition Boomersanticipate no changes to their retirement approach while 42% ofRepublicans say they would become more conservative, the reportstates.

Transition boomers who do not identify with either majorpolitical party also report being more conservative or balanced intheir retirement savings philosophy. Thirty-nine percent ofindependents and 29% of those with no preference identifiedthemselves as conservative or moderately conservative, while 30% ofindependents and 34% with no preference identify themselves asbalanced in their retirement savings approach.

The majority of this group of transition boomers also says theoutcome of the election would not trigger a change in theirretirement savings strategy.

Specifically, if President Obama is re-elected, 64% ofindependents and 75% of no-preference transition boomers say theywould keep the same retirement savings strategy. If Romney wins,61% of independents and 73% of no-preference transition boomerssaid they would keep the same retirement savings strategy.

This article was orginally posted at LifeHealthPro.com, a sister siteof Credit Union Times.