Summary
Faced with inflation, taxes and concerns over the size of Social Security benefits, most Americans are more afraid of going broke in retirement than they are of death.
In total, 64% of respondents across generations said they are more stressed about running out of funds in their golden years than the prospect of death.
Americans say they need $1.26 million to finance a comfortable retirement, yet the median amount saved is $87,000. “Certainly for boomers…inflation is a big deal.”
I think it’s more about having a roof over your head while you are in the physically hardest years of your life. You’re more vulnerable, have aches and pains, can’t go out and get a good paying job. It’s about feeling safe and secure in your last couple decades.
Yes, this is it. I worked at the same aerospace company for 40 years and retired this past January. As an engineer, I had done lots of spreadsheets and analysis to make sure I had some confidence that my wife and I could live the rest of our lives without being a burden on anyone. Now, just a few months later, my 401k and IRA are in the toilet, below the worst case of my worst case analysis, the administration is working to dismantle the social security and medicaid that I haven’t yet applied for, and my anxiety is through the roof.
I’ve never really been anxious about death. I mean, I’m not looking forward to it and I try to live in a way that puts it off, but every life ends eventually and I’m at peace with the fact that mine isn’t an exception. But what happens if I run out of money before then? How do I live? I’ve never been rich, but I’ve been super lucky to have a good enough income to feed myself and my family for 40 years. We had a couple times when unforseen issues made me worried about being able to pay our bills, but we were able to get through those times with some belt tightening. But now? I’ve never been so anxious in my life.
If I were you, I would just move out and retire in a country where your money goes farther.
People say that, but it’s much easier said than done. You can’t just decide to move to a country and go. Like the US, you have to apply. Many want proof that you have a useful skill. In some cases the application is expensive.
Also, we have kids and family. If I had to give up seeing them easily to live, I guess I would, but that thought is stressful too.
I get it because family is important. That is what keeps me here as well.
I had a grandparent commit suicide due to being broke.
They were in relatively good health and had family nearby that could take care of them. However, it meant living at a lower quality of life, including withdrawing from some organizations because they couldn’t pay their dues any more. Their partner had also passed a few years prior, so it wasn’t like they were living for their spouse.
They probably could have lived for several years if they chose to and had the resources to do so. However, they chose that the reduction in quality of life wasn’t with it.
Can’t physically fix things you used to be able to fix on your own and have to rely on outside (and not always honest) help. So many elderly folks taken in by contractors, scammers, thieves…it’s really sad.