Even though it’s called the golden years of your life, there are still plenty of things to worry about, no matter how many times you’ve seen one of those „stress-free retirement” ads or articles.
The fact of the matter is, not having any labor-related income is scary on its own, and when paired with this difficult economic situation everyone’s found themselves in due to the pandemic and whatnot, it can make for quite the horrifying experience if you’re not ready to adapt.
The rising cost of living caused many freshly baked retirees to wonder whether their savings will last them half as long as they anticipated, and once that fear had set in, others just piled on.
Inflation is on everyone’s minds, and now that it’s reached a 40-year-high, it’s become evident that things definitely aren’t under control anymore.
Over 66% of American senior citizens are convinced that the rapidly rising inflation rates will do significant damage to their retirement savings, and this statistic only becomes worse among widowed or divorced female retirees, as almost 75% of them feel they’re at risk of draining their savings too soon.
Inflation brings higher living costs, and with the situation unfolding so quickly, many weren’t ready to adapt.
Most retirees spent their entire careers focusing on amassing enough wealth to last them through their retirement years, and now that your dollar is worth significantly less, it’s hard for those savings to keep up.
Over 50% of senior citizens feel that they’ve underestimated the rising living costs, with widowed and divorced women once again claiming that their golden years, just arent that golden right now.
Achieving financial stability was already a pipe dream for some, but now that the stock market is as volatile as it is, building a nest egg big enough to keep you afloat for 30+ years has become quite the daunting task.
Over 35% of seniors claim that they’ve accumulated less wealth than they planned for, with over 45% of widows being in the same boat.
Running out of gas
The most common fear all retirees have is that their savings will run out before they die, and it’s depressing to see that almost a third of senior citizens believe they’ll outlive their savings.
This is exactly why it’s important to plan ahead and start building your retirement savings account as soon as possible, regardless of whether you’re looking to retire at 65 or earlier.
Finally, as their cash flow slowly turns into a drizzle, most retirees feel that they’re in for a bumpy ride if they continue not generating any income aside from their retirement savings.
Almost 40% of older Americans and 50% of widowed and divorced female retirees believe that their cash flow needs to increase in order to live with the comfort they deserved for decades of their hard work.
Clearly, the golden years of retirement can still be quite difficult, so it’s essential to plan ahead and make sure you’re prepared for what’s to come. Having enough savings to last you through your golden years is just as important now as it was before the pandemic, if not more.
So if you feel like your golden years are in jeopardy, take action now and start building your retirement savings account or find ways to generate income. That way, you’ll be able to enjoy those golden years that you worked so hard for.
And remember: while it may feel like a long road ahead, the future is still bright! With preparation and dedication, you can make the most out of your retirement. Good luck and stay safe!