Want to find a rare moment of agreement in this divisive political season? Ask pre-retirees about the years ahead, and Republicans, Democrats and Independents all seem to have a dim view of their golden years.
Allianz Life treaded into the turbulent waters with its 2012 Retirement and Politics Survey and discovered that two-thirds of those polled – "transition boomers" aged 55 to 65, right on the cusp of traditional retirement – say they expect that health care expenses will have the biggest impact on their retirement costs.
Health care costs, it appears, are a universal concern: 64 percent of Republicans, 69 percent of Democrats and 66 percent of Independents said those sure-to-increase costs were their primary concern.
The fate of Social Security benefits was the survey's second-largest stated concern (53 percent of all respondents), followed by tax changes (31 percent), rising national debt (26 percent), unemployment (19 percent) and education (4 percent).
How do those other concerns break down along party lines? Allianz research suggests that Democrat pre-retirees have a stronger focus on Social Security than their Republican counterparts, while Republicans tend to see rising national debt as having a much bigger impact on their future retirement than Democrats or Independents.
The pre-retirees were very open about their retirement savings philosophy – and how closely it matches their political beliefs. Fifty-nine percent of Republicans described themselves as being conservative or moderately conservative in their retirement savings, versus 36 percent of Democrats.
Fiscal conservatism also leads to a more aggressive approach to retirement savings, however. While 72 percent of all of those surveyed said they began their retirement savings efforts in their 40s (28 percent even said they got it going in their 30s), Republican boomers indicated they'd shown the biggest involvement in early retirement planning.
Both sides predictably suggested that if their candidate wins (or loses), their retirement planning outlook will change. Twenty-nine percent of Republican pre-retirees say a Romney win would inspire them to invest more aggressively, while a Romney victory would make 30 percent of the Democrats more conservative in their approach; an Obama re-election would cause 81 percent of Democrats to go with their current strategy, while 42 percent of Republicans say they'd invest in a more conservative fashion.
"Regardless of political affiliation, Americans are facing tough challenges in the years ahead," said Katie Libbe, vice president of Consumer Insights for Allianz Life. "It's crucial that everyone starts the process of retirement planning as early as possible to build toward a future with some certainty and security."
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