Planning for retirement is the biggest challenge in more than half of all U.S. states—more so than any other financial concern, according to a recent survey.
In 26 total states, retirement planning was cited as the top worry for U.S. adults, according to the 2015 Life + Money Survey: Americans’ Biggest Financial Challenges from GoBankingRates.
The survey asked more than 10,000 U.S. adults the question: “What is your biggest financial challenge?” Respondents were then offered several answers to choose from, including planning for retirement; paying for higher education; paying off credit cards; building an investment portfolio; saving for a home; saving for an emergency fund; and sticking to a budget.
Nearly 20% (19.8%) of Americans ages 18-65 and older say that planning for retirement is their top challenge, however, this is becomes a greater concern for older adults aged 55 and above (60%). For this older cohort, the next biggest financial concern is sticking to a budget—19%, respectively, for Baby Boomers ages 55-64 and seniors age 65 and older.
Geographically, planning for retirement is the top financial challenge of states in the South, Midwest and Northeast regions. Meanwhile, two-thirds of Midwest states say retirement planning is their biggest challenge, making this the region most focused on this financial concern.
Only five states and the District of Columbia named paying for higher education as their top concern, half of those states being in the West (California, Hawaii and Utah).
Written by Jason Oliva