Your retirement future

Is this your retirement future? For most it doesn’t have to be and there is no excuse for voluntarily entering retirement without your eyes wide open – especially before age 65.

Needless to say it takes a lifetime of planning. That means living your life considering the first day in the job market through the last in this world.

Consider making retirement less stressful by building an income stream, including an immediate annuity and other sources not dependent on periodic withdrawals from investments.

Schroders’ 2024 U.S. Retirement Survey.

Ongoing inflation, along with retirement longevity, are among the top concerns that retirees face today. Eighty-nine percent of those surveyed said they are at least slightly concerned over inflation lessening the value of their assets, while 68% noted concerns of outliving assets.

Others mentioned fears of higher-than-expected healthcare costs (85%), a major market downturn that would significantly reduce assets (76%), and not knowing how to best generate income and/or draw down their assets (69%).

According to the data, 47% of all retirees surveyed say their expenses in retirement are higher than anticipated, with 49% initially believing that Medicare would cover most healthcare expenses.

Further, when asked to describe their financial situation in retirement, 4% say they are “living the dream,” 44% are “comfortable,” 34% are “not great but not bad,” 15% are “struggling,” and 4% are “living the nightmare.”

It’s no surprise then that Schroders finds that 58% of retired Americans say they don’t know how long their savings will last and 63% wish they had planned better prior to retiring.

Source: 401kspecialist