Almost Two-Thirds of Americans Fear Going Broke in Retirement
Between the looming Social Security deficit threatening to slash benefits by about 30 percent and recent reports that $1.26 million is the “magic number” Americans think they will need to retire comfortably, it’s no wonder Americans of all ages are concerned about their financial future.
A recent CBS News report shared the results of a new study from Allianz Life that found “64 percent of respondents across generations said they are more stressed about running out of funds in their golden years than the prospect of death.”
Not surprisingly, Gen Xers, for whom retirement is fast approaching, are the most concerned about running out of money before they die, with 70 percent of that age group expressing concern. That’s closely followed by Baby Boomers, who are already in the retirement era, at 61 percent.
More than half of the survey’s respondents said high inflation contributed to their fear of running out of money in retirement.
The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
