New Retirement Survey: Americans’ Top Three Retirement Fears
Newly-released retirement data finds that Americans are most afraid of their money running out before their life runs out, and almost equally afraid they while they are alive, they won’t have the funds to enjoy their life and cover basic necessities.
Americans’ top 3 retirement fears, according to data released by the IALC:
- Outliving their income (25%)
- Maintaining their current lifestyle (23%)
- Healthcare expenses (19%)
Despite these fears, Americans aren’t taking enough action to address them, mitigate risk and plan for a better retirement. In fact, the survey also found that:
- 1 in 4 Americans have absolutely nothing saved for retirement (24%)
- 1 in 4 Baby Boomers, the age group closest to retirement, have less than $5,000 saved for retirement (25%)
- Nearly 1 in 5 Americans don’t even have a clue how much they’ve saved for retirement (17%)
Other top findings from the survey:
- Nearly half (45%) of Americans are interested in retirement products, like Fixed Indexed Annuities (FIAs), that protect your principal, even if the stock market goes down,
- More than half of millennials (54%) have less than $5k saved for retirement, and
- 37% of millennials have absolutely nothing saved for retirement.