The golden years are starting to look more and more like the pewter years for some retirees.
Between the recent 5.9% Social Security COLA increase, followed by the immediate $21/month raise in the cost for Medicare, and ongoing fears that the Social Security fund will run out in the coming years, there’s a lot less to look forward to for many younger Americans.
In a recent study by Magnify Money, a personal finance publication owned by LendingTree, 46% of people surveyed said they expect to retire in debt, dimming their hopes of a comfortable retirement.
Of 2,050 individuals – ages 18-75 – polled, only 8% had no fears of being able to achieve their dream retirement.
Of those who did have fears:
· 46% believed that a major health issue could affect their retirement funds.
· 22% believed that they are one stock market crash away from losing their savings.
· 15% say that climate change will make their dream location disappear or
When asked about what type of nest egg will be needed to enter and remain in retirement comfortably, the largest percent (31%) believe that half a million dollars will do the trick. While at the other end of the extreme, 9% think they will need at least $3 million or more!
Magnify Money found that 54% of those polled do NOT plan to work with a financial advisor to help navigate the intricacies of retirement investment management.
A financial advisor could help assuage many of these fears and help people to better prepare and plan for retirement and make their dreams a reality.
It is also important to note that there are many different types of advisors out there to guide you, so make sure you find one that specializes in the area you need and that they are a good fit for you and it is someone you feel comfortable working with. Your retirement security is too important to take chances with.