economy
The 5 Biggest Financial Concerns for Retirees, According to New Research
Inflation, rising health care costs, and fears of outliving savings are fueling new financial anxieties among retirees, with one in five saying they are struggling financially, according to new research.
TL;DR
- Inflation eroding savings and assets is the top concern for 90% of retirees.
- Higher-than-expected health care costs worry 87% of retirees.
- A major market downturn is a concern for 81% of retirees.
- Not knowing how to best manage retirement income and draw down assets affects 69%.
- Fear of outliving retirement savings is a concern for 68% of retirees.
- One in five retirees surveyed by Schroders are currently struggling financially.
- Seniors relying on Social Security are facing a purchasing power loss due to inflation.
- 42% of Americans retire earlier than planned, often due to factors beyond their control.
- Contingency planning is crucial due to risks like unexpected early retirement and persistent inflation.