American workers are uncertain if they will be able to realize a comfortable retirement and of those workers, 81% are worried about their retirement preparedness, according to the latest COUNTRY Financial Security Index.
One-third of retired Americans report that something is holding them back from experiencing the retirement of their dreams. On the flip side, 67% of retirees are satisfied with their current retirement, according to the index.
The areas that American workers are most worried about during retirement include running out of money, not having the money to pay for things they want to do and not being able to afford medical and or long-term care expenses.
“We found that money issues are driving dissatisfaction in retirement among the third of 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.”
Four out of 10 workers say that not having enough savings will be what derails their retirement dreams, whereas 28% worry about the loss of an income earner and 18% live in fear of another recession, the index states.
Workers still have hope for an enjoyable retirement though with most looking forward to traveling 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.”
Written by Alana Stramowski
