When it comes to the fears that keep Americans up at night, the possibility of bankruptcy in retirement can seem even scarier than death itself. In fact, in a recent survey conducted by the life insurance giant Allianz Life, a remarkable 61% of respondents expressed this fear.
Despite this widespread fear, many are still not taking the necessary steps to avoid this grim fate. Failure to prepare for retirement can lead to challenging financial consequences and concerns about maintaining an adequate standard of living during the retirement years.
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Even with great fear of death, Americans have not invested in retirement
There are several financial challenges that can make it difficult for people to establish a secure financial future. Some of these challenges include inflation, rising interest rates and market volatility.
Inflation is an economic phenomenon in which the purchasing power of money decreases over time. This means that the money someone saves today may not have the same value in the future, making necessary to look for ways to make your financial resources grow to keep up with or overcome the inflation.
The Allianz survey revealed that nearly half of respondents have reduced or stopped saving for retirement due to recent financial crises. This decision can be dangerous, as it leaves these people at real risk of not having enough funds for retirement.
Kelly LaVigne, vice president of consumer insights at Allianz Life, highlighted the importance of not leaving retirement to chance. She emphasized that the new reality of retirement requires everyone to have a plan and stick to it, especially at a time when financial crises and uncertainty are more common.
Retirement is a critical phase of life that requires careful planning and concrete actions to ensure long-term financial security. Relying solely on external events or circumstances can leave people vulnerable to financial hardship during retirement.
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