The pocketbook issue that is keeping the most Americans awake at night is retirement.
A firm majority of 59 percent is fretting about not having enough money for their golden years, according to
Gallup's annual Economy and Personal Finance poll, conducted earlier this month among 1,026 adults.
After retirement, American's next top fear is being unable to afford medical costs in the event of a serious illness or accident. That worries 53 percent of the respondents, Gallup said.
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Third on the list is loss of the ability to maintain their current standard of living, with nearly half of American citing that as a major concern.
Moreover, 40 percent say they are very or moderately worried about not having enough money to pay off their debt.
"With as much as $1 trillion in outstanding student loan debt circulating in the U.S. today — not to mention other prevalent types of debt such as credit cards — debt concerns are clearly weighing on a significant proportion of the country," Gallup notes.
Since the average American's life expectancy at birth is now 78.7 years, retirement savings are a "matter of national importance," Gallup adds.
Even $1 million in retirement savings may not be enough in today's economic environment,
USA Today estimates. The newspaper notes that amount of money throws off about $40,000 to $50,000 in annual interest income in today's low-interest rate environment, which is not enough to sustain the current expenses of many households.
AARP compiled some startling statistics about retirement in America, and it appears those without big nest eggs have a lot of company.
According to the
AARP, Social Security payments, which average only $1,200 per month in the United States, are the principal source of income for nearly half of older Americans.
Further, 57 million Americans — more than 50 percent of the 18-to-64-year-old population — have no access to a retirement savings plan.
Perhaps the most disturbing stat from the AARP is that the median retirement account balance in the United States is $3,000 for all working-age households.
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