When it comes to fears that keep Americans up at night, death may loom large — but for many, it pales in comparison to an even more terrifying threat: going broke in retirement.
A “remarkable” 61% of respondents expressed that fear in a recent survey conducted by life insurance giant Allianz Life. And yet, many still aren’t taking the necessary steps to avoid that grim fate.
Why? Well, thanks to stubborn inflation, interest rate hikes, market volatility and other challenges, they’re hardly able to get by in the here and now — let alone think about setting up a secure financial future.
Almost half of respondents to the Allianz survey said they’ve reduced or stopped saving for retirement due to recent financial crises and they don’t expect to increase their savings levels in the foreseeable future — leaving them in real danger of outliving their money.
“People’s retirements are too important to leave to chance,” said Kelly LaVigne, Vice President of Consumer Insights, Allianz Life. “The key takeaway here is that the new retirement reality requires everyone, now more than ever, to have a plan and stick to it.”
https://finance.yahoo.com/news/blame-them-61-americans-theyre-100000593.html