Cost of Living and Retirement Fears Top Client Concerns Before Midterms

Americans working with financial advisors are entering the midterm election cycle with heightened anxiety about both day-to-day expenses and long-term retirement security, according to a new survey. The findings suggest that affordability pressures are shaping not only household budgets but also how clients think about the political landscape ahead of the vote.

The survey reveals that concerns are layered across two distinct time horizons. In the near term, clients are wrestling with the rising cost of everyday essentials, a strain that has persisted as inflation remains a dominant household reality. Looking further out, many worry whether foundational safety-net programs — specifically Social Security and Medicare — will remain solvent and accessible by the time they reach retirement age.

Read more Higher Interest Rates Hit Young, Low-Income Households Hardest →

For financial advisors, the dual nature of these concerns presents a counseling challenge: addressing immediate cash-flow pressures while also crafting long-term strategies that account for potential changes to federal entitlement programs. The proximity to midterm elections adds a political dimension, as clients assess how election outcomes could affect policy decisions on both fronts.

The survey underscores a broader national conversation about fiscal sustainability. Social Security and Medicare together represent the primary retirement income and healthcare backstop for tens of millions of Americans, and any perceived threat to those programs tends to amplify financial anxiety, particularly among clients approaching retirement age.

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