Survey Says … Retirement Is the Top Financial Concern

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money worryThere are plenty of things to worry about when it comes to your finances: student loans, the mortgage, saving up for the astronomical cost of college for your children. The list goes on and on.

But an April Gallup poll, “Economy and Personal Finance,” reveals that the financial worry weighing most heavily on Americans’ minds is retirement. A full 59% of those surveyed confessed to being moderately or very worried about having enough money in their golden years.

Coming in second place was the fear of being unable to cover medical bills in case of an accident or illness (53%) and not being able to maintain the standard of living they currently enjoy (48%). Concerns about these top three financial worries have decreased slightly from 2012, but remain at higher levels than before the recession.

Fears about retirement have topped the list since the turn of the century. It’s not just those who are rapidly approaching retirement who are worried, either: The report found that 70% of people aged 30 to 49 are concerned about it, as well, in addition to half of those between 18 and 29.

One positive finding in this survey was that, of the nine concerns respondents were asked about, worries about being able to pay rent or a mortgage or meet credit card minimums were at the very bottom of the list. This indicates that although Americans are worried about long-term financial goals, they are more stable when it comes to day-to-day living expenses.

Given the uncertain future of pension programs and Social Security, it’s important that Americans take charge of their own retirement planning and savings. If you haven’t started saving for retirement, do it today.