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Preretiree Concerns

When communicating with employees about the need to plan for retirement, it helps to know what concerns they have about their retirement finances. A new survey* offers insight into what worries older workers (age 45 and over). Some of the retirement issues that concern preretirees are:

  • Paying for long-term care (69%)
  • The effect of inflation on savings (69%)
  • Paying for health care (67%)
  • Maintaining a reasonable standard of living (63%)
  • Depleting all of their savings (62%)

Many preretirees hold debt, such as mortgages (52%), credit card balances (48%), and car loans (40%). It’s not surprising then that 56% state that debt has negatively affected how much they are able to save each month for retirement.

What steps are preretirees taking to prepare for the future? Most (90%) say they’re saving or plan to save as much as they can, 88% are either eliminating or plan to eliminate their consumer debt, and 81% have cut back on or plan reductions in spending.


* 2015 Risks and Process of Retirement Survey, Society of Actuaries, 2016

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