An overwhelming majority of people in the United State are worried about not having enough money for retirement, according to a new poll.
Gallup’s annual Economy and Personal Finance poll, conducted April 3-6, found that 59 percent of Americans are “very” or “moderately” worried about their retirement savings.
A majority of Americans have reported being concerned about retirement savings every year since 2001, indicating that retirement causes anxiety among Americans in both good and bad economic times.
The next top financial concern for Americans’ is not being able to pay medical costs in the event of a serious illness or accident, which worries 53 percent.
Third on the list of Americans’ top financial worries is not being able to maintain the standard of living they have, with nearly half of the country’s adults citing this concern.
In addition, four in 10 Americans adults say they are very or moderately worried about not having enough money to pay off their debt.
Debt concerns are growing as $1 trillion in outstanding student loan debt and other prevalent types of debt such as credit cards are circulating in the US today.
According to a troubling study in December by the National Institute on Retirement Security, the US retirement crisis is especially disastrous for blacks and Latinos with striking racial differences in retirement savings.
The report titled Race and Retirement Insecurity follows other recent surveys from financial services firms with their own dire statistics documenting the general lack of retirement savings among blacks and Latinos.