Top Concern in Retirement is Going Broke

Going broke is the top concern for people planning for retirement, finds a survey of CPA financial planners.

The American Institute of CPAs Personal Financial Planning Trends Survey found 30 percent of CPAs say running out of money is the top concern of their clients planning for retirement, followed by 28 percent of clients who are are worried about maintaining their current lifestyle and 18 percent who are concerned about rising health care costs.

The study also found 57 percent of CPAs are seeing long term care issues affect their clients’ retirement planning more often they they did five years ago. But, the good news is when asked to compare their clients’ current situation to five years ago, half of CPA financial planners say their clients are more confident they are ready for retirement compared with only a third who say their clients are less confident.