"Confidence in being able to financially support a desired lifestyle has dropped 13% since 2020, and 64% of Americans now say they worry more about running out of money than about death itself. Worry about Social Security has climbed in parallel, with 67% expecting it will not last through their retirement, up from 57% in 2024."
47% of Americans have no written financial plan, and only 45% know how they will turn savings into retirement income. Many households accumulate assets, but the conversion phase fails because balances are not connected to withdrawal strategies. Retirement targets average $3,327,000, yet 45% do not know how much they need to save. A written plan links current assets, annual retirement needs, and the order of account withdrawals to generate income for 25 to 30 years. Confidence in supporting a desired lifestyle has fallen 13% since 2020, and 64% worry more about running out of money than death. Worry about Social Security has increased, with 67% expecting it will not last through retirement.
#retirement-planning #financial-plans #retirement-income #savings-and-withdrawals #social-security-concerns
Read at 24/7 Wall St.
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