Purchasing Power is Biggest Concern for Retirement

Thirty-seven percent of respondents to a recent survey indicated that the rising cost of living or inflation was their greatest concern regarding their retirement.

The survey, conducted by Opinion Research Corporation on behalf of TD AMERITRADE, found this group was far larger than those who were concerned about running out of money in retirement (15%) or the risk of losing investments or savings in a market downturn (12%). Neither age nor household income seemed to be a significant factor in what concerns respondents had.

Half of adults age 35 to 54 said they anticipate having to delay their retirement date to allow them to save more, and 67% indicated they are planning to earn income during their retirement years, the announcement said. Almost seven-in-ten said income earned in retirement is part of their retirement plan, and 59% are counting on savings of a spouse or partner.

However, less than half of respondents (46%) indicated they have a written plan for retirement. One-in-five said they have a plan in their head, and one-third admitted they have no plan for retirement.