October 10, 2012
--- Transition
Boomers—those less than 10 years from retirement—agree that rising health care
costs will have the greatest effect on their retirement outlook. ---
According to the 2012 Retirement & Politics Survey from
Allianz Life Insurance Company of North America, 67% of all Transition Boomers,
regardless of party affiliation, listed health care expenses as their top
concern, with Republicans at 64%, Democrats at 69% and Independents at 66%.
Social Security ranked second at 53% for all Transition Boomers, followed by
tax payment changes (31%), rising national debt (26%), unemployment (19%) and
education (4%).
When it comes to overall retirement savings philosophy, 59%
of Republican Transition Boomers identified themselves as being conservative or
moderately conservative compared with 36% of Democrats. However, Democrat
Transition Boomers were more likely to be balanced in their retirement savings
approach, with 29% identifying themselves as balanced versus 18% for Republican
Transition Boomers.
Regarding the effect the election will have on their
approach to retirement savings, 29% of Republican Transition Boomers were
likely to become more aggressive if Mitt Romney wins while 30% of Democrats
would become more conservative. If President Barack Obama is re-elected, 81% of
Democrat Transition Boomers anticipate no changes to their retirement approach
while 42% of Republicans said they would become more conservative.