AAII Survey: The Top Retirement Concerns and How Members Are Dealing With Them

Do you have retirement concerns?  If you’re like most Americans, the answer is yes. Eighty-five percent of Americans have retirement anxiety, according to a study from Northwestern Mutual. Being concerned is natural, but what’s important is to think about those things that worry you the most and determine if there are steps you can take to reduce your worries. While some individuals ease smoothly into retirement, many can experience debilitating anxiety while preparing for or even during retirement. This week’s digest highlights some of the top retirement concerns and some ideas on how to reduce anxiety. It’s only by talking openly about retirement issues and taking actions sooner rather than later that we can alleviate our risks and concerns.

We asked our members about their concerns going into the “golden years” with the following question:

What is your biggest concern heading into retirement?

Here are the results:

Over 1,500 members participated in this survey.

While many of us worry about similar retirement issues, some areas are of greater concern to certain people. Staying healthy was the top concern in this survey (54% of respondents) and, unfortunately for us mortals, health concerns go hand-in-hand with increasing health care costs. While there’s no fountain of youth we’re able to offer, you can ease the burden of your concerns by talking to a financial adviser or family member or learning more about what options are available to you.

Follow-Up Special Question

Everyone has a different approach to dealing with retirement anxiety, so we aimed to hear what methods our members were using and who they discussed their concerns with. If you’re approaching retirement and feel stuck, don’t fret, a majority of Americans are in the same boat as you. We hope that starting a dialogue on different ways to address retirement issues can help those looking for retirement guidance.

We followed up our poll with:

What approach do you take to address these concerns? Who do you consult?

Of the 220+ responses we received, nearly half (48%) stated that they address their health/health care concerns by being proactive. Many in this group stated that they frequently volunteer, consult with their doctors, go to a gym and stay active in their religious communities. Other approaches to addressing retirement concerns included continuing education into retirement by staying up to date on markets/issues with readings and seminars (29%).  Sixteen percent of respondents said that they often discuss their concerns with peers and friends, while 7% stated that they turn to their financial adviser to generate solutions. While there is obviously no one answer to dealing with the myriad concerns in retirement, many in this survey stressed the importance of exercise, staying social and continuing their education in mitigating their worries.

Here is a sampling of the responses we received to the follow-up special question:

• “I educate myself regarding financial matters, make use of free financial seminars and keep up with financial news. I hit the gym twice a week in the winter and cycle in the spring, summer and fall.”
• “I work with my adviser at Edward Jones and actively search for income stream alternatives and options.”
• “Nutrition is the most important key to staying healthy. I follow https://nutritionfacts.org and use a Fitbit to monitor my activity.”
• “Go to the gym. Walk 10,000 steps a day when possible. Use it or you lose it.”
• “I do what I can to change my habits to a healthier lifestyle. I save so that I have enough to pay for health care if government doesn’t come through. I consult a variety of resources to stay informed, like AARP, AAII, Fidelity and many Twitter connections.”
• “I engage with new people/opportunities and look for ways to serve others while maintaining my own abilities and health. I am now going to the YMCA regularly to exercise with a class and to interact as well as feel better physically and emotionally.”