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Americans fear retirement

Most Americans feel unprepared for their golden years

May 17, 2016

Uncertainty looms over working Americans who fear they won’t be able to realize a comfortable retirement. Eighty-one percent of those in the workforce are worried about their level of preparedness – still nearly two-thirds (67 percent) of current retirees are satisfied with their retirement, according to the latest COUNTRY Financial Security Index.

 “We found that money issues are driving dissatisfaction in retirement among those Americans who report being unhappy,” says Joe Buhrmann, manager of financial security at COUNTRY Financial. “Many retirees underestimate the cost of their basic living expenses in retirement, and as a consequence spend more of their nest egg just to get by. We also see that some current retirees do not have enough to afford the things they want to do in retirement.”

Reality overshadows retirement daydreams

American workers are extremely worried about their savings being adequate to support them in retirement and fear:

1.     Running out of money completely

2.     Not having the money to pay for the things they want to do

3.     Not being able to afford medical and or long-term care expenses 

Their uncertainties are fueled by underlying worries that they might not be on the path to their dream retirement – or that their path could easily be derailed. While 4 in 10 say that not saving enough will be what sets them back the most, 28 percent worry about the loss of an income earner and 18 percent live in fear of another economic recession.

“No one can predict future financial obstacles, but having a well-rounded plan can offer workers peace of mind that they are on track for retirement,” says Buhrmann. “It’s important to save and invest to build your nest egg, but workers should also take steps to manage risks and protect what they have in order to have a comprehensive financial plan for retirement.”

Defining (and achieving) the dream retirement

The things most Americans look forward to in retirement include having the ability to travel more, working less and having more time to spend with loved ones.

“Of those who aren’t living their dream retirement, 57 percent say it’s because they don’t have enough money for the things they would like to do,” Buhrmann says. “For those approaching retirement, it’s important to understand your living expenses first to make sure you are also saving enough to afford additional costs, such as travel.”

Want to discover more interesting findings from the COUNTRY Financial Security Index survey? Head to our blog! Meantime, follow us on Twitter @helloCOUNTRY.