These are retirees' 5 biggest financial fears
Summary
Many retirees are worried about money because of rising prices and health care costs. A survey found that inflation is the biggest concern, with most retirees afraid their savings will lose value or run out. Other fears include market drops, not knowing how to manage income, and retiring earlier than planned.Key Facts
- About 90% of retirees worry inflation will reduce the value of their savings.
- 87% are concerned about higher health care costs.
- 81% fear a big drop in the stock market could cut their assets.
- 69% are unsure how to best take income from their retirement savings.
- 68% worry they might outlive their retirement money.
- One in five retirees say they are struggling financially.
- Inflation recently rose 3.8% in one year, faster than in nearly three years.
- Many retirees rely on Social Security, which is not increasing as fast as inflation.
- 42% of Americans retire earlier than planned, often due to health or job loss.
- Early retirement can cause unexpected costs, like paying for health insurance before Medicare.
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