More than half of retirees responding to a LIMRA survey say changes to Medicare, Social Security programs and increased taxes will affect their ability to afford retirement.

“These concerns, as well as inflation, are top of mind for all retirees but especially true for those with the lowest incomes and assets, who can least absorb additional unexpected costs during retirement,” said Marie Rice, corporate vice president, LIMRA Retirement Research. “With so many lawmakers talking about cutting costs to reduce the growing deficit and the financial implications resulting from it, retirees who might have felt secure that their retirement savings would last their lifetime, now recognize the uncertainty of the times and how vulnerable they are.” [See related: Volatility top of mind for Boomers and advisors]

The research was presented last week at The Retirement Industry Conference.