As the election approaches, there is one issue both Democratic and Republican transitional boomers are uniting behind. According to a recent survey, members of both parties who are within 10 years of retirement agree that health care costs pose the greatest threat to their financial security in retirement.
The 2012 Retirement & Politics Survey, conducted by Allianz Life Insurance Company of North America, examined the views of transitional boomers between the ages of 55 to 65. While the survey revealed some differences between Democratic, Republican and independent voters, the following were the top issues raised by all survey respondents:
- Health care expenses: 67 percent
- Social Security: 53 percent
- Tax payment changes: 31 percent
- National debt: 26 percent
- Unemployment: 19 percent
- Education: 4 percent
Transitional boomers, regardless of party affiliation, agreed health care expenses were their No. 1 concern. Of Democratic respondents, 69 percent identified health care expenses as having the greatest impact on their retirement outlook, compared to 66 percent of independents and 64 percent of Republicans.
The prominence of health care concerns in the survey echoes the findings of a recent MSN/MoneyRates.com poll, which indicated that Americans would prefer having free health care over a number of other workplace benefits.