This Financial Fear is Shared by Two-Out-of Three Americans

Financial security is a huge concern for retirees. According to an article by 24/7 Wall St., 64 percent of Americans fear outliving their money more than death, and 66 percent lose sleep over financial worries, regardless of actual wealth. Research by the Allianz Center for the Future of Retirement shows those numbers are only increasing from year to year.

Even more concerning, this fear of running out of money is shared by individuals of all income levels. The article notes that for “Americans with $100,000 to $499,999 in investable assets, 51% call running out of money a top concern. Among people with $1 million to $2.9 million, 39% still list it. Even 24% of those with $3 million or more share the concern.”

The Seniors Trust is committed to improving the well-being of older Americans. We are doing that financially by encouraging lawmakers to enact the Social Security Expansion Act. This landmark piece of legislation will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.