32% of Middle-Income Americans Lose Retirement Confidence, 47% Fear Medicare Cuts
32% of middle-income Americans ages 50 to 85 feel less confident in retirement plans than a year ago, and 41% doubt they’ll have enough funds to live comfortably. 43% worry Social Security won’t be available and 47% foresee Medicare cuts, pointing to demand for CNO’s annuities and long-term care.
1. Survey Findings
A CNO survey of 500 middle-income Americans ages 50 to 85 found 32% feel less confident in their retirement plans compared to a year ago and 41% doubt they’ll have enough money for a comfortable retirement. Financial anxiety increased, with 44% reporting more stress over personal finances than twelve months prior, especially among pre-retirees.
2. Retirement Income Concerns
Inflation topped the list of concerns at 27%, followed by fears of outliving savings at 23%. Meanwhile, 43% of respondents worry Social Security will be unavailable when needed and 47% expect future Medicare benefit cuts, with nearly half incorrectly assuming Medicare will cover all long-term care costs.
3. Business Implications
With waning retirement confidence and doubts about federal safety nets, demand may rise for CNO’s annuities, long-term care insurance and retirement planning services. Targeting pre-retirees and lower-asset households could be key, as nearly 48% of those with under $50,000 in investible assets feel less secure in meeting day-to-day expenses.