Well, many Americans are very concerned about this probability because they simply don’t have a retirement plan or never bothered to set one up for themselves and now they are facing a scary future where they may not have enough money to sustain their lives.
The 2016 study that was done by the Harris Pole for Northwestern Mutual took a very serious look at the pending domestic crisis America is facing and not surprisingly, those who are approaching retirement ( If they can retire) and those that have already retired, are worried about running out of money.
In a previous post, I shared the first part of an article that discusses this study and due to it’s length I will share part of it in this post, with the rest of it to follow.
New Study Underscores Retirees’ Need for Non-Traditional Funding Sources
Posted By Jason Oliva On June 7, 2016 @ 5:32 pm In News,Retirement,Reverse Mortgage
“Life expediencies continue to climb and that’s a good thing, however, Americans are increasingly less confident that their savings will last through retirement. Roughly two-thirds of survey respondents believe there is a chance they will outlive their savings, with 34% of this bunch saying the likelihood of this happening is 51% or better.
“The prospect of an extended retirement in an environment of diminishing safety nets makes it even more essential that your financial plan is flexible enough to stretch as long as needed,” said Rebekah Barsch, vice president of planning for Northwester Mutual, in a written statement.
The 2016 study results not only highlight the vast unpreparedness of American adults, but also underscores the need to look beyond traditional funding streams like Social Security to bolster retirement savings.”
Of course, as a Reverse Loan Consultant I know how valuable the FHA loan program is for preserving wealth and providing emotional security, but that is another topic.
People need to simply become educated about their benefits and why they should consider using them as part of a retirement plan.