The Five Biggest Financial Fears Facing Retirees

If you worry about money, you are not alone. According to a CBS News report, one in five retirees say they are struggling financially. That has obviously spurred a variety of financial fears.

A survey by the investment firm Schroders found that retirees’ biggest financial fears are:

• Inflation eroding the value of retirement savings and other assets (90 percent)
• Higher than expected health care costs (87 percent)
• A major market downturn significantly reducing assets (81 percent)
• Not knowing how to best take retirement income and/or draw down assets (69 percent)
• Outliving retirement savings (68 percent)

The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. It 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.