Tuesday, February 11, 2020

Retirees' Biggest Fears

Pre-retirees are nearly as anxious about what the future holds as they are about the present, according to a brand-new study by Charles Schwab. Sixty-five percent of study participants within five years of retirement reported feeling overwhelmed by saving enough now for retirement, and 52 percent said they were overwhelmed by how they would ultimately manage their different income sources once they were retired.

The survey found that pre-retirees felt particularly anxious about how they would manage their income and spending needs in retirement once they stopped receiving a regular salary, including:

  • 72 percent worried about running out of money
  • 64 percent were overwhelmed by not being able to maintain their current lifestyle or quality of life
  • 60 percent worried about not getting a regular paycheck
  • 57 percent were overwhelmed by determining how much they could spend

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