Retirement Fear Is Real: 64% Worry More About Running Out Of Money Than Death Itself

Core Insights - A significant majority of Americans, 64%, fear running out of money in retirement more than death itself, highlighting a deep-seated anxiety regarding financial security in later years [1] Economic Pressures - Rising prices are identified as the primary cause of this anxiety, with 54% of respondents citing inflation as their main concern [2] - Additionally, 43% worry about insufficient social security support and 43% are anxious about high taxes impacting their savings [2] Generational Concerns - The fear of financial insecurity spans across generations, with Gen Xers showing the highest level of anxiety at 70%, followed closely by Millennials at 66%, and Boomers at 61% [3] Lack of Action - Despite the widespread concern, only 23% of individuals have consulted a financial professional about retirement planning, a decrease from 28% the previous year [4] - Furthermore, 62% of respondents are not saving as much for retirement as they would prefer [4] Awareness vs. Action - While many Americans recognize the importance of saving for retirement, only 44% indicated they would save more, 41% would cut current spending, and 39% would consider working longer [5] Recommended Actions - To alleviate retirement fears, individuals are advised to assess their financial situation, utilize high-yield savings accounts, take advantage of employer retirement matches, prioritize paying down high-interest debt, and seek professional financial advice [6]