The Two Most Common Retirement Fears
When it comes to retirement planning, it’s generally a good idea to focus on what you want for your future. Set goals, and then make a plan to achieve them. But you’re only human, after all, so naturally you feel some fears as well. Ignoring fears doesn’t make them go away, so you definitely want to address those feelings with your financial professional.?
According to the 20th annual Transamerica Retirement Survey of Workers, Boomers preparing for retirement commonly report two primary fears:
With regard to outliving retirement savings, that’s a reasonable factor to consider when formulating a retirement plan. Yes, many of us can expect to live 20 or 30 years into retirement, and that’s a long time to depend upon retirement plan distributions. An experienced financial professional can help you put together a retirement plan distribution schedule that potentially helps your money to last longer.?
As for Social Security, it’s important to remember that the program was never meant to provide the main source for retirement income for anyone. And yet, that’s exactly what many soon-to-be retirees expect.?
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Of the Boomers surveyed by Transamerica, 37 percent say that Social Security benefits will serve as their primary income in retirement. And for middle-income workers, the Social Security Administration says benefits will only replace about 40 percent of pre-retirement income. The rest is on you.?
That is to say, the above fears are certainly reasonable. But whether Social Security is still around or reduced in the future, no one should be counting on it as a primary source of retirement income anyway.?
Make an appointment with us to discuss your retirement planning fears. After we resolve those, we can discuss what you do want for retirement, and help you make a plan to support those goals.?