I read an interesting MarketWatch article by Catey Hill regarding that the number one thing that scares older people the most is running out of money in retirement.
8 Things older people fear about retirement:
- Outliving savings and investments 43%
- Declining health that requires long-term care 38%
- Social Security will be reduced or won’t exist 33%
- Lack of access to adequate and affordable health care 27%
- Cognitive decline, dementia and Alzheimer’s 25%
- Finding meaningful ways to spend time and stay involved 11%
- Being laid off/not being able to retire on my own terms 10%
- Feeling isolated and alone 9%
Source: Transamerica Center for Retirement Studies
To read the entire article click on the weblink below:
http://www.marketwatch.com/story/older-people-fear-this-more-than-death-2016-07-18
My suggestion to avoid running out of money during retirement:
One solution that gives you an option to receive steady income in retirement is purchasing an annuity well in advance of retirement. However, there are many different types of annuities. For example: deferred annuities if you have years before retirement versus an immediate income annuities for those that need monthly income right away, etc.
Note: Annuities can be confusing to many people. As an "independent licensed agent" I try to explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose an annuity that you feel best fits your needs from a large choice of different insurance companies. Plus if you choose to work with me you will have personalized service by a local independent agent that can shop rates for you, rather than working with a captive agent working for just one insurance company. If you would like my assistance to discuss and/or start the process of getting an annuity please call me at 941-404-5334.