‘A scary thought’: New data shows 63% of Americans are more afraid of running out of money than dying — here are 3 things you can do right now to kick your retirement anxiety to the curb
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They say money doesn’t buy happiness, but it sure does buy peace of mind in your golden years. At least, that’s what an April survey by life insurance giant Allianz Life shows, with a whopping 63% of Americans more scared of running out of money than are scared of dying.
And who could blame them? Thanks — but no thanks — to the ever-rising cost of living as well as inflation, interest rate spikes, shaky markets, and other financial challenges. People are barely getting through each month as it is, and can rarely jump on lucrative opportunities to save or invest their hard-earned cash.
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What’s more, as life expectancy keeps on increasing, this just means that even more Americans will be in real danger of outliving their money.
“Running out of money in retirement is a scary thought,” said Kelly LaVigne, VP of Consumer Insights at Allianz Life as part of the study. “That’s why it is so important to have a thorough financial strategy for retirement.
Here are a few things to consider to make sure you set yourself up for a stress-free retirement.
The one thing you should do today
The number one thing Americans should do for a well-funded retirement isn't necessarily buying stocks or real estate. While those might be good options, there are other options if you want to grow your nest egg before retirement. Though contributing to a retirement account such as a 401(k) or IRA is crucial, there are other investment opportunities that can help safeguard your financial future.
According to Allianz Life’s annual retirement study for 2024, 35% of respondents highlight that putting a portion of their retirement savings into a product providing lifetime income payments was a top solution to their concern about running out of money.
One alternative worth considering is allocating a portion of your portfolio to gold. A Gold IRA is an option for building up your retirement fund with an inflation-hedging asset. You can do this by opening a Gold IRA with Goldco, a trusted provider of precious metals.
Goldco allows you to invest in gold and other precious metals while also providing the tax advantages of traditional IRAs. If you're curious whether this is the right alternative investment, you can order your free gold IRA kit today to learn more.
Read more: Jeff Bezos and Oprah Winfrey invest in this asset to keep their wealth safe — you may want to do the same in 2024
Make sure your family is secure
According to insurance giant Assurance’s 2024 financial well-being study, 56% of individuals across all income levels worry that their family might struggle financially to upload their current standard of living in the event of their passing. Like retirement, there are things you can do to lessen your anxiety about your money and future.
Life insurance can potentially be used to replace lost income, cover outstanding debts, finance children's education and pay for funeral costs. When you purchase life insurance, you are giving your family the gift of financial protection — ensuring that they will be taken care of if the worst happens.
With SBLI, you can purchase a term life insurance policy tailored to your needs.
Term life insurance offers flexibility when seeking affordable coverage if you’re also balancing other expenses and big financial responsibilities. With terms spanning 10 to 30 years, SBLI can help you easily find and compare coverage so you can find the right policy for your needs and give yourself and your family peace of mind.
SBLI also offers access to features such as LegacyShield, a user-friendly dashboard that helps streamline end-of-life planning. To start protecting your family’s financial future with the support of professional advice, a simple online claims process and no required medical exams, SBLI has your back.
Don’t wait to ‘figure it out when you get there’
According to the 2024 Q1 Quarterly Market Perceptions Study by Allianz Life, a surprising 67% of Americans prioritize their current finances over saving and planning for the future. But waiting until then leads to hasty decisions made in the heat of the moment — decisions that probably won’t be the best for you and your money.
If you find yourself too consumed worrying about your current financial standing to focus on growing your nest egg, consider seeking guidance from a professional to kickstart the planning process.
While it may not sound as thrilling as buying stocks or investing in real estate, proper financial planning with a trusted financial adviser ensures the decisions you make today will keep you on the right track to your retirement goals.
Simply searching “financial adviser near me” might show you some options. But it could take you weeks or even months of sifting through the search results to find one that's a good fit for you, your current financial situation, and your goals for retirement.
That’s where WiserAdvisor comes in. WiserAdvisor is an online platform that connects you with vetted financial advisors. After answering a few quick questions about yourself and your finances, WiserAdvisor matches you with two to three FINRA/SEC registered financial advisers in minutes who are best suited to help you develop a plan to achieve your goals.
You can view the advisors’ profiles, read past client reviews, and schedule a free consultation with no obligation to hire.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
