Americans’ worry level over their finances prior to and during retirement increased in 2017, according to the Society of Actuaries, and those who haven’t made it to retirement yet are even more worried than retirees.

That’s according to SOA’s ninth annual Risks and Process of Retirement Survey, which finds that topping the list of concerns are inflation, health care and retirement costs.

Both retirees and preretirees say they feel “unprepared to navigate financial shocks and unexpected expenses,” with 61 percent of preretirees fearing expenses that could see them running out of assets in retirement, compared with 47 percent of retirees.

According to the report, the substantially higher level of anxiety is telling, but the cause is not clear—particularly since “the equity market has performed well over the past two years and was doing very well at the time of the interviewing” and “a change in political climate creates a higher level of uncertainty than has been experienced in quite some time and this may have led to higher levels of concern in finance-related areas.”

Both groups are worried about being able to maintain their desired quality of life and having enough money to pay for long-term care and health care.

They’re also “moderately” concerned about housing during retirement, with approximately half of each group worrying about whether they’ll be able to stay in their homes as they age and, among couples, more than a third worry about whether the survivor will be able to stay in their home if they die first.

Only 15 percent of preretirees say their retirement savings are ahead of schedule, with 51 percent saying they’re behind schedule. Many are working on ways to financially protect themselves as they get older, with common strategies being eliminating consumer debt, saving as much as they can and cutting back on spending.

The majority—70 percent—say they plan to pay off their mortgages, including the 26 percent who have already done so.

More than half—58 percent—are concerned about the level of risk in their investments and have, or plan to take, less risky investments, while 42 percent have or plan to postpone taking Social Security.

Still, 38 percent of retirees and 40 percent of retired widows are debt free, meaning more than half still have those monthly payments to make.

But they’re doing better than preretirees, only 20 percent of whom say they have no debt.

And the debt owed by preretirees is more likely to have a negative effect on their lifestyles (51 percent of preretirees, compared with 35 percent of retirees and 37 percent of retired widows).

Instant Insights /

Americans&rsquo; money worries before and in retirement are rising

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Americans’ money worries before and in retirement are rising