Bankrate.com recently completed a survey that was quite comprehensive in it’s scope of learning what Americans have to say about their finances.
Part of it uncovered that a large percentage of citizens over the age of 50+ are worried about running out of money as they age. It is already a “given” that many seniors will have to continue to work because most do not have adequate funds in a retirement plan to retire in the future.
Baby Boomers’ Retirement Situation is ‘Troubling’
Posted ByJason OlivaOn September 28, 2015 @ 5:22 pm In News,Retirement,Reverse Mortgage
“About 30 million Americans tapped into their retirement savings for an emergency within the past year, according to a new report from Bankrate.com. And the numbers tell a “troubling” story for older adults nearing retirement.
Although Americans are increasingly upbeat about their personal finances, optimism for one’s financial situation diminishes with age, according to the September reading of Bankrate’s Financial Security Index.
In September, the Index hit its strongest reading since June at 102.6. While the measure showed improvement in all five components (job security, savings, debt, net worth and overall financial situation), more than a quarter (26%) of those nearing retirement age (50-64) said their situation is worse now than it was last year.
This could largely be due to emergency expenses cutting into retirement savings, which 17% of 50-64 year-olds said happened over the past year.”
I will share the reminder of the article in my next post.