More Americans are worried about not having enough money for retirement (66%) than are worried about seven other financial matters Gallup asked about. Majorities of Americans, however, are also very or moderately worried about not being able to pay medical costs for a serious illness or accident and about not being able to maintain their standard of living.
For many Americans, the golden years are quickly taking on a tin-like hue. After a vicious decade of no growth for the stock market, including two 401(k)-eating bear markets and persistently sky-high unemployment, more Americans are finding themselves in their 50s and 60s with practically no money saved for retirement.
But financial stress isn't limited to the cost of filling the gas tank, according to Gallup. In fact, when Gallup asked around 1,000 adults this April how they felt about some of the most common financial worries, it was the least immediate concern that topped the list: retirement.
While all kinds of debt are posing problems for people, including auto and credit card debt, mortgages are the “big problem,” as 39% of households with heads aged 60 through 64 had primary mortgages in 2010, and 20% had secondary mortgages, including home-equity lines, according to research group Strategic Business Insights’ Macro Monitor. Read more......