American workers are more worried about keeping up with monthly expenses than saving for retirement, reveals a recent survey. Keeping up with monthly expenses was the biggest financial worry, cited by 21% of those surveyed, followed by saving enough for retirement, which was cited by 18% of employees as their biggest financial concern.

The survey, sponsored by MassMutual Retirement Services and conducted by Brightwork Partners, also shows differences between genders and age groups. More than twice as many women are concerned about monthly expenses than saving for retirement. Respondents under the age of 30 are concerned about saving to buy a home, although keeping up with monthly expenses was a larger concern. The top concerns for people over the age of 60, meanwhile, are expenses related to catastrophic illness and long-term care.

Just over one-third (35%) of respondents have considered delaying retirement beyond their original retirement date, and that percentage jumps to more than 50% for people currently aged 50 and older. In addition, 64% of people expect to work at least part-time in retirement and 54% expect they will need to reduce their standard of living.

The nationwide survey was conducted online in July 2011 and included 2,170 defined contribution plan participants who are eligible to participate in a 401(k), 403(b), 457 or similar workplace retirement plan.

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