Quinnipiac Poll Examines Financial Worries and Raising Retirement Age

Quinnipiac Poll Examines Financial Worries and Raising Retirement Age

In a recent Quinnipiac University national poll of adults, food costs ranked as the most pressing financial worry, with 22 percent of Americans naming it as their biggest personal financial concern right now, followed by retirement savings (18 percent), healthcare costs (17 percent), mortgage or rent payments (13 percent), college tuition (8 percent), energy bills (7 percent), credit card or loan payments (5 percent), and loss of a job (4 percent).

“When it comes to the golden years, Americans young, old, and in-between share the same worry,” said Quinnipiac professor of finance and business Osman Kilic. “There’s a cloud of doubt hanging over the quality of life they’ll have when they retire, especially among those between 35 and 64 years of age.”

Nearly 7 in 10 Americans say they are either very concerned (33 percent) or somewhat concerned (35 percent) that they will not have enough money to live comfortably during retirement, while roughly 3 in 10 Americans (31 percent) say they are not so concerned (16 percent) or not concerned at all (15 percent).

The poll also found that a vast majority of Americans (78 percent) would oppose raising the full retirement age for Social Security from 67 to 70, while 17 percent would support it. When asked if they would support raising the full retirement age if it meant their benefits would last longer, 62 percent of respondents said they still would oppose it, while 30 percent would favor an age hike.

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Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.