A new study conducted by Allianz Life Insurance Company of North America indicates that a majority of Americans are more concerned about outliving their retirement savings than they are about death itself. The survey, which polled a representative sample of Americans, found that 61% expressed greater anxiety about running out of money in retirement. This fear underscores the challenges many face in adequately preparing for their financial future.
Several factors contribute to this growing concern. Rising healthcare costs, inflation, and longer life expectancies are placing increased pressure on retirement savings. Many Americans also struggle to save adequately due to competing financial priorities, such as housing costs, education expenses, and debt repayment.
Financial advisors recommend several strategies to address these retirement fears. These include developing a comprehensive financial plan, maximizing contributions to retirement accounts, diversifying investments, and considering strategies to generate income throughout retirement. Seeking professional financial advice can also provide personalized guidance and support in navigating the complexities of retirement planning. Addressing these concerns proactively can help individuals achieve greater peace of mind and financial security in their retirement years.
Retirement Finances: Americans Fear Running Out of Money More Than Death
A recent Allianz Life study reveals a significant concern among Americans regarding their financial security in retirement. The survey found that almost two-thirds of respondents are more worried about depleting their savings than they are about death. This highlights a growing anxiety surrounding retirement planning and the ability to maintain a comfortable lifestyle in later years. Experts suggest focusing on long-term financial strategies to alleviate these fears.
Source: Read the original article at CBS