Americans age 55 to 65 say the rising cost of health care will have the biggest impact on their retirement plans, a new study shows.
According to the 2012 Retirement & Politics Survey from Allianz Life Insurance Company of North America, 67 percent of people in that age bracket _ who are known as “transition boomers”_ said health care expenses were their major concern.
Social Security was the second biggest concern among the group, with 53 percent of transition boomers listing that. The other big concerns, in order were: changes in the tax rate, 31 percent; the rising national debt, 26 percent; unemployment, 19 percent; and education, 4 percent.
Allianz had 1,200 baby boomers surveyed.
The poll broke down respondents by political affiliation and found some differences depending on a person’s party preferences. For example, transition boomers who called themselves Democrats were more concerned with Social Security than Republicans.
Republicans, on the other hand, were more concerned with the national debt than were Democrats.