CHICAGO, April 2, 2013 \/PRNewswire\/ -- Declining health is the number one longevity concern for middle-income Americans, nearly four times the concern over inadequate retirement savings (10%) or outliving their money (9%), the latest study released by the Bankers Life and Casualty Company Center For A Secure Retirement (CSR) reveals. <\/p>\n
The study, Longevity Risk and Reward for Middle-Income Americans surveyed 500 Americans ages 55 to 75 with an annual household income of between $25,000 and $75,000. <\/p>\n
Retirement Income ShortfallsTo compensate for the possibility of outliving their savings, here's a look at how middle-income Americans plan to deal with shortfalls in retirement income. <\/p>\n
The good news is that the majority of today's middle-income Americans are living within their budget.According to the CSR study, seven out of ten (70%) report living comfortably within their budget.Only one in ten (9%) admit to living beyond their means. <\/p>\n
Use of Common Planning MethodsFour in ten (44%) admit that their retirement savings may not last until the end of their life. Yet, when it comes to developing a retirement savings goal, only one-fifth (21%) of middle-income retirees and pre-retirees calculated a monthly retirement income goal number; only one in ten (13%) determined a total savings goal number to reach. <\/p>\n
\"Realistically assessing longevity can be a powerful tool in planning for retirement,\" said Chris Campbell, vice president of marketing and business development at Bankers Life and Casualty Company, a national life and health insurer. \"Set a clear retirement goal and be realistic about the amount of savings it will take to be able to live the retirement lifestyle you desire.\" <\/p>\n
Retirement AnxietyThe CSR study cites more than half of middle-income Boomers (55%) have saved less than $100,000 for retirement. In light of this reality, it is not surprising that nearly two-thirds (62%) of middle-income pre-retirees report some level of anxiety about retirement; one in four (28%) report being \"anxious\" or \"very anxious.\" <\/p>\n
All of these factors suggest that most middle-income Americans should apply some disciplined planning to overcome these anxieties. Yet that does not seem to be the case, according to the study. <\/p>\n
MethodologyThe Bankers Life and Casualty Company Center for a Secure Retirement's study Longevity Risk and Reward for Middle-Income Americans was conducted in November 2012 by the independent research firm The Boomer Project. The full report can be viewed at CenterForASecureRetirement.com. <\/p>\n
A nationwide sample of 500 Americans ages 55 to 75 who have an annual household income of between $25,000 and $75,000 participated in the Internet-based survey. <\/p>\n
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Continued here: CHICAGO, April 2, 2013 \/PRNewswire\/ -- Declining health is the number one longevity concern for middle-income Americans, nearly four times the concern over inadequate retirement savings (10%) or outliving their money (9%), the latest study released by the Bankers Life and Casualty Company Center For A Secure Retirement (CSR) reveals. The study, Longevity Risk and Reward for Middle-Income Americans surveyed 500 Americans ages 55 to 75 with an annual household income of between $25,000 and $75,000. Continue reading
\nHealth, Not Income, Tops Longevity Concerns for Middle-Income Americans, New Study Reveals<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"