NEW YORK, Feb. 18, 2015 /PRNewswire/ -- High medical expenses are Americans' biggest financial worry about retirement, according to a new Bankrate.com (NYSE: RATE) report. 28% of Americans gave this response; the highest-income households (over $75,000 per year) are actually more concerned about high medical expenses than the overall population. Running out of money is the biggest fear for millennials (18-29 year-olds) and a close second overall.
One-third of Americans say they can't save more for retirement because they have just enough money for their day-to-day expenses. 14% blame other family obligations and 10% lay fault with their student loan debt (millennials were more than twice as likely to give this answer than other age groups). 29% are satisfied with the amount they are currently saving.
Working Americans are realistic about Social Security's role in their eventual retirements: just 13% expect it to account for all or most of their retirement income, while another 14% expect it to account for half their retirement income. About one in four believe they won't get anything.
"The average Social Security payout is only around $15,000 per year, so people are realistic to think they'll need to supplement that income," said Sheyna Steiner, senior investing analyst at Bankrate.com. "But despite all the gloom and doom about the future of Social Security, most Americans are optimistic that they'll get at least something from the program. That even includes millennials – 63% of them think Social Security will fund at least some of their retirement several decades from now."
The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:
PSRAI obtained telephone interviews with a nationally representative sample of 1,003 adults living in the continental United States. Interviews were conducted by landline (501) and cell phone (502, including 284 without a landline phone) in English and Spanish by Princeton Data Source from January 22-25, 2015. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.7 percentage points.
About Bankrate, Inc.
Bankrate is a leading publisher, aggregator, and distributor of personal finance content on the Internet. Bankrate provides consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes. The Bankrate network includes Bankrate.com, CreditCards.com, InsuranceQuotes.com and Caring.com, our flagship websites, and other owned and operated personal finance websites, including Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, CarInsuranceQuotes.com, Insweb.com, CreditCards.ca, and NetQuote.com. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of over 600 local markets, Bankrate generates rate tables in all 50 U.S. states. Bankrate develops and provides web services to over 100 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, AOL, CNBC, and Bloomberg. In addition, Bankrate licenses editorial content to over 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times, and The Boston Globe.