4 Concerns of Retirees Regarding Financial Security
US News and World Report reports that retirees and workers on the verge of retirement have many concerns about their continued financial security. They summarized 4 primary areas of concern:
- Financial shocks in the future. Retirement is full of uncertainties including how long you will live, how your investments will perform, whether your home will gain or lose value, and how long you will be able to work.
- Poverty in old age. No one knows how long they will live, so it’s difficult to know how much you can safely spend each year in retirement without running out of money.
- Don’t know enough about investing. Baby boomers and seniors need to make a variety of retirement and investment decisions, often without having been properly educated or informed about the topic.
- The financial services industry will rip you off. Many retirement savers (46 percent) are distrustful of the financial services industry.