Even Young People Are Worried About Running Out of Money in Retirement. Are You?
Survey says...
The Allianz Life 2024 Annual Retirement Study sheds light on retirement fears among different age groups:
- Millennials: 64% worry about running out of money.
- Gen Xers: 71% fear outliving their money.
- Baby Boomers: 53% share the same concern.
Inflation Concerns
43% of respondents are worried about inflation eroding their purchasing power in retirement. This is a vital consideration, especially for those living on fixed incomes.
Social Security Worries
24% express concerns about Social Security not providing sufficient income. With the trust fund projected to be depleted by 2033, retirees may face reduced benefits unless action is taken.
Everyone needs a solid retirement plan
Developing a comprehensive retirement plan with various income sources like dividend-paying stocks, pensions, and annuities is crucial for financial security.
Have a good withdrawal strategy for retirement
Implementing an effective withdrawal strategy is key to balancing financial security and longevity of your nest egg in retirement.
There's always Social Security
Utilizing Social Security benefits strategically and understanding how to enhance them can provide a reliable income stream in retirement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.