Please disable your Ad Blocker to better interact with this website.

Image Image Image Image Image Image Image Image Image Image

Affluent Investor | July 27, 2017

Scroll to top

Top

No Comments

Do You Worry You May Outlive Your Retirement Savings?

retirement old PUBLIC DOMAIN

According to a new Bankrate.com survey,

“People who earn more than $75,000 have a greater fear that they’ll run out of money in retirement. Overall, 23% of survey respondents say their top worry is that their savings will run out, but 29% of those in the $75,000-and-up income bracket say the same.”

According to an article at Time.com,

“These fears persist despite the fact that about half of high-income Americans say they’re happy with the amount they’re stocking away for retirement, compared to the 29% overall who say they’re happy with their current retirement savings. And even among those earning more than $75,000 a year, more than a quarter say just keeping up with basic living expenses is hampering their retirement savings”.

A few ways to prepare to avoid outliving your savings is to get out of debt, learn to live on a budget and reduce your cost of living as much as possible.  This will enable you to increase your savings and add to your cushion now as opposed to worrying about the future. In addition, adjusting your lifestyle downward now will likely add more margin to your life and reduce stress.

A 91-year-old, recently widowed friend of mine, has followed these steps and is doing very well on his fixed social security income. His children are ready to welcome him into their homes anytime he needs their help. So far, he says no help is needed.  He still works part-time, uses a chainsaw and takes no medications. He says God is taking very good care of him and he has more energy than most 60 year olds that I know.

 

 

Originally posted on Crown.

Chuck Bentley is CEO of Crown, a non-profit business and personal finance policy and educational organization, and author of “The S.A.L.T. Plan. How to Prepare for an Economic Crisis of Biblical Proportions” and “Root of Riches, What if everything you think about money is wrong?”

 

Join the conversation!

We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse.

The Affluent Mix

Become An Insider!

Sign up for Affluent Investor's free email newsletter and receive Jerry Bowyer's Special Report, "How to Be an Affluent Investor in the Age of Obama & Ineffectual Republican Opposition."


Send this to a friend