Consumer Comeback Blog

Retirement, Social Security Top Financial Concerns of Baby Boomer Voters

Baby boomers on the cusp of retirement have a laundry list of concerns that will likely carry over to the polls in this presidential election.

Traditionally considered a crucial segment of the voting public, non-retired Boomers aged 50-64 are focused on issues such as health costs and Medicare, Social Security and retirement, inflation, taxes, and jobs. While estimates vary on the exact number of Boomers, but most reports suggests this group reaaches around 70 million. AARP says that 2011 was the first of the baby boom generation reached the traditional retirement age of 65. And for the next 18 years, boomers will be turning 65 at a rate of about 8,000 a day.

According to the AARP Anxiety Index found 50-64-year-olds to be among the most anxious voters. The survey polled 1,852 registered voters, including 1,331 ages 50 and older.

Their major worries include:

    • 72% believe they will have to delay retirement
    • 65% worry they won’t have enough to retire
    • 50% don’t think they’ll ever be able to retire
    • 59% believe the recent economic downturn will force them to rely more on Social Security and Medicare
    • 69% worry about prices rising faster than their incomes
    • 42% African-American voters 50+ are confident that they will have enough money to live comfortably throughout their retirement
    • 78% say personal economic circumstances were negatively affected by political gridlock in Washington
    • 49% disapprove of President Obama’s job performance
    • 32% worry about being able to find full-time employment with benefits
    • 48% worry about having unaffordable health expenses, despite the relative security provided by Medicare

Politically, the survey showed that Boomers are split in their presidential preference, with 45% of survey participants saying they will vote for President Obama and 45% for Mitt Romney.