We all look forward to retiring, when our days can be spent pursuing dreams rather than a paycheck. But instead of relaxing all day, some retirees cannot even get to sleep at night due to worries about their financial futures.
MoneyTips is conducting a survey of hundreds of retirees to find out how they live today and how they prepared for retirement. We are also surveying working Americans who need to get ready for the next chapter in their lives. The results of this survey, which will be published in an e-book, will help all Americans prepare for the future.
Out of the first group of retirees to respond, we learned that financial worries keep nearly half (48%) up at night. Among the top concerns mentioned (some had more than one) were outliving their savings (26%), incurring substantial healthcare costs (24%) and maintaining their current standard of living (22%).
Here are some of the steps these retirees are taking to minimize the risk of outliving their savings: 82% reported carrying Medicare, 48% have reduced their living expenses, 43% cut back on extras such as vacation travel and luxury items, while 11% continued to work. On the other hand, 92% reported they were comfortable with their current standard of living, 61% admitted to NOT spending frugally, and only 42% revealed they spend less than their monthly income to cut the risk of running out of cash. Just 19% said they didn’t worry about running out of money because they have saved more than enough to last a lifetime!
Who are these people who have saved enough for a lifetime, and what can we learn from them? We will analyze this group more and learn the secrets to a successful retirement when we have finished with our survey.
Let the free MoneyTips Retirement Planner help you
calculate when you can retire without jeopardizing your lifestyle.
For more information on retirement, be sure to download MoneyTips FREE eBook, The Retiree Next Door: Successful Seniors' Surprising Secrets, and learn how to best prepare for the future!