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"In many ways, Americans are saying they are concerned that health and medical costs are likely to take the biggest chunk out of their nest eggs," said Lindsey Wilkins, a partner and retirement planning expert at Edward Jones.

In fact, those concerns appear real when faced with figures that healthcare spending is expected to reach $2.9 trillion in 2009 and $4 trillion by 2015.* Furthermore, nearly half of those respondents nearest to retirement age (55 to 64 years old) are much more likely to be concerned about healthcare costs than younger Americans (43 percent vs. 10 percent), proving that retirement reality is very different from perception.

The study, which was conducted by Kelton Research on behalf of Edward Jones, also highlighted that one in five respondents said they would have to rely on others to support them in retirement. Yet only one in 10 said they would have to work longer than normally anticipated to fund retirement.

The baby boomer generation remains more positive about the future than others in the survey, with only 11 percent saying they expect to rely on others financially in their retirement.

"Retirement planning often takes a backseat, with many people concentrating on the here and now, rather than their future," said Wilkins. "Seeking the right advice is vital to helping ensure financial security in your retirement. Putting away a small amount today can make a real difference tomorrow."

Retirement concerns are not confined to those households with lower incomes. In fact, the reverse is true as those with an income of more than $75,000 are much more concerned about paying for their healthcare later in life (33 percent) than those with an income of $25,000 (16 percent).

* Borger, C., et al., "Health Spending Projections Through 2015: Changes on the Horizon," Health Affairs Web Exclusive W61: 22 February 2006.