Retirement tops list of financial fearsNews added by Benefits Pro on April 25, 2014
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By Lisa Barron

A solid majority of American, 59 percent, is worryied about not having enough money for their golden years, surpassing eight other financial issues, according to a Gallup poll.

A majority of Americans have reported being "very" or "moderately" worried about retirement savings every year since 2001, illustrating that saving for retirement rattles Americans in both good and bad economic times.

After retirement, American's next top fear is being unable to afford medical costs in the event of a serious illness or accident, which has 53 percent of respondent fretting. Third is loss of the ability to maintain their current standard of living, with nearly half of the respondents citing that as a major concern.

And 40 percent say they are very or moderately worried about not having enough money to pay off their debt.

"With as much as $1 trillion in outstanding student loan debt circulating in the U.S. today — not to mention other prevalent types of debt such as credit cards — debt concerns are clearly weighing on a significant proportion of the country," Gallup said.

Since the average American's life expectancy at birth is now 78.7 years, retirement savings are a "matter of national importance," Gallup adds.

Gallup's annual Economy and Personal Finance poll of 1,026 adults nationwide was conducted earlier this month.

Originally published on BenefitsPro.com
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