By Jean
Statler November 12, 2019
A
not-so-funny thing happens to many Americans on the way to retirement — they
save and accumulate money for retirement, only to realize that when they do get
ready to retire, they’re not sure that their saved money will last.
Unfortunately,
many retirement savers have been conditioned to think only about saving a magic
lump sum number from which they can start withdrawing money each year after
they retire. Little attention is paid to calculating how much actual income
they’ll need each month to live on and if that money will last throughout
retirement.
The
Protected Lifetime Income Index study, a recent survey of 3,119 adults by the
Alliance for Lifetime Income, shows that a mere 28% of non-retired Americans
have made an effort to determine their likely monthly income needs in
retirement —perhaps the single most important thing people should be planning
for.
Even
among those closest to or in retirement — Americans between 55 and 74 years of
age — only 43% have made such a calculation.
If people don’t know what they’ll need, how will they know if they’ve saved enough to last throughout life? It’s no wonder that the survey showed 80% of us are anxious that our savings may not be enough to live on or last through retirement.
https://insurancenewsnet.com/innarticle/americans-fear-coming-up-short-in-retirement?utm_source=Newsletter&utm_medium=email&utm_content=subscriber_id:&utm_campaign=Annuity20191113#.XcyN7TNKiUk
If people don’t know what they’ll need, how will they know if they’ve saved enough to last throughout life? It’s no wonder that the survey showed 80% of us are anxious that our savings may not be enough to live on or last through retirement.
No comments:
Post a Comment