Americans Are More Afraid Of Going Broke Than Dying — Reports Indicate Financial Insecurity Is Becoming A Harsh Reality

A recent survey conducted by Allianz reveals that 61% of Americans are more afraid of depleting their savings during retirement than dying, highlighting the concern over outliving one's financial means in old age.

yahoo.com

Relevant topic timeline:

8/20/2023

Gen Z and Millennials Need $3M–$5M To Retire: Report

Gen Z and millennials need to save between $3 million and $5 million due to inflation, which has led to a three- to five-fold increase in the recommended retirement savings target, according to a Bloomberg study.

8/24/2023

75% of people ages 50 and up worry Social Security will run out of money in their lifetimes, survey finds

About 75% of Americans aged 50 and older worry that Social Security will run out of funding in their lifetimes, compared to 66% in 2014, according to a survey by Nationwide Retirement Institute, as concerns grow with the depletion dates of the program's funds approaching.

8/26/2023

Most Americans don't understand this key metric when planning for retirement

Only 35% of Americans know the average lifespan of retirees, and just 12% understand key aspects of longevity, highlighting the need for better retirement planning based on life expectancy.

8/26/2023

My wife and I are 33, live in New York and earn $270,000. Can we retire at 55?

A couple in their 30s who both have high-paying jobs, a rental property, and are saving approximately $53,000 a year toward retirement can expect to have around $1.8 million respectively by the age of 55, suggesting they are saving enough and can continue their current lifestyle.

8/29/2023

How to keep saving for retirement when student loan payments restart

Millions of Americans may have to prioritize their student loan payments over their retirement savings, as the resumption of student debt repayments poses a challenge for workers already struggling to save for retirement due to inflation and market volatility.

9/6/2023

Advice

Summary: It is important for young adults to start saving for retirement in their 20s due to factors such as the potential impact on their take-home pay, the power of compounding, the need to develop the habit of saving, the risk of inflation, and potential changes to Social Security.

9/7/2023

Is financial stress hurting retirement savings? 4 in 10 workers with a 401(k) don't contribute, CNBC survey finds

A CNBC survey found that 74% of Americans are feeling financially stressed, with inflation, rising interest rates, and a lack of savings being the top stressors, making it difficult for many workers to contribute to their retirement plans.

9/13/2023

Retirement Now Seen as a Miracle for Many Due to Inflation and Lower Life Expectancy

Almost half of Americans believe that achieving retirement security is impossible, with inflation being the top concern, according to a survey by Natixis Investment Managers, although the US has improved its overall score for retirement security.

9/17/2023

Long-Term Care Costs Are Rising, But Few Can Afford Insurance for Aging Americans

As the average population ages, a majority of older Americans are reaching retirement with limited options for affordable long-term care, as costs continue to rise and long-term care insurance remains uncommon.

Topics

Posted 8/21/2023, 11:18:20 PM

Americans Are More Afraid Of Going Broke Than Dying — Reports Indicate Financial Insecurity Is Becoming A Harsh Reality

yahoo.com

Relevant topic timeline:

8/20/2023

Gen Z and Millennials Need $3M–$5M To Retire: Report

8/24/2023

75% of people ages 50 and up worry Social Security will run out of money in their lifetimes, survey finds

8/26/2023

Most Americans don't understand this key metric when planning for retirement

Only 35% of Americans know the average lifespan of retirees, and just 12% understand key aspects of longevity, highlighting the need for better retirement planning based on life expectancy.

8/26/2023

My wife and I are 33, live in New York and earn $270,000. Can we retire at 55?

8/29/2023

How to keep saving for retirement when student loan payments restart

9/6/2023

Advice

9/7/2023

Is financial stress hurting retirement savings? 4 in 10 workers with a 401(k) don't contribute, CNBC survey finds

9/13/2023

Retirement Now Seen as a Miracle for Many Due to Inflation and Lower Life Expectancy

9/17/2023

Long-Term Care Costs Are Rising, But Few Can Afford Insurance for Aging Americans