US: More Baby Boomers Worried About Long-term Expenses

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More Baby Boomers are concerned about gas prices and uninsured medical costs
than about retirement and other long- term expenses, according to a new poll
conducted by Harris Interactive for the American Institute of Certified Public
Accountants (AICPA).

"The mounting costs associated with a trip to the hospital or an unusually cold
winter, have the potential to disrupt consumers from saving for retirement,"
said Carl George, CPA, Chair of the AICPA’s National CPA Financial Literacy
Commission and CEO of Clifton Gunderson LLP. "Consumers are juggling today’s
real financial pressures at hand and trying to save enough for their
retirement."

The results of the poll revealed that 51 percent of Americans age 45 and older
have greater worries about short-term financial issues — rising energy costs,
uninsured medical expenses, price of gas and credit-card debt — than they do
about longer-term concerns like caring for aging parents, lack of savings for an
emergency and even retirement itself.

"The higher these rising costs are today, the more time Americans will have to
spend working to replace those funds that were earmarked for retirement," added
George. "In some cases, this could mean working additional years to recoup what
is spent today on necessities. Americans need to remain focused on their savings
goals and plan for contingencies like medical, education and energy cost
increases in order to have a realistic view of how they are going to reach those
goals."

Basic Steps Baby Boomers Can Take to Stay on Track to a
Comfortable Retirement

The AICPA’s 360 Degrees of Financial Literacy program has set up a consumer Web
site, http://www.360FinancialLiteracy.org, with hundreds of free tools and
resources to help educate consumers about personal finance matters, including
retirement. Below are some steps baby boomers can take in order to plan for any
contingencies related to an unexpected rise in costs for basic necessities:

All of the above text is a press release provided by the quoted organization.
globalagingtimes.com accepts no responsibility for their accuracy.


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