Outliving Your Nest EggPrint This Page
According to a recent Gallup Poll, 52% of pre-retirement Americans do not think they "will have enough money to live comfortably" in retirement.
A survey by one of the world's largest financial institutions revealed that baby boomers indicated their greatest fear in retirement is not death, but the risk of outliving their retirement nest egg. While 39% feared passing away, 61% said "outliving my retirement" was their number one fear.Click to zoom.
Turns out, their fear is quite justified as people continue to live longer and our money doesn't go as far due to inflation. According to the Society of Actuaries, women have a 50% chance of living to 88 years old while men have a 50% chance of living to 84.
These are some important questions one must consider:
- What happens if I become ill?
- Will I be a financial burden to those I care about?
- How can I leave something behind for those I love?