Are You Running Out of Time or Money?

 

As most of my friends and I come closer to retirement, the questions looms:  Will we run out of money first or die without being able to spend it all?

According to a recent survey conducted by the Teachers Insurance Annuity Association of America (TIAA), more than half of all Americans (55 percent) believe they will run out of time before they get to do all of the things on their "bucket list." These people believe they have enough retirement savings to last them another 20-30 years and that's why they say they want to make retiring early a top priority  

On the other hand, 45 percent say they worry about running out of money and they say making savings last is their top priority.  Another 30 percent say the events of 2020 have negatively impacted their feelings about their retirement savings and, as a result, they have fallen behind in their retirement savings progress.

More than 70 percent of those surveyed believe it's important to have guaranteed lifetime income, such as an annuity, to make sure your essential expenses are covered and it will allow you to be more flexible in your spending.  So what is an annuity?  It is a long-term investment that is issued by an insurance company and designed to help protect you from the risk of outliving your income.  Learn more here:  Annuity

The top barriers of saving more for retirement include:

Outstanding debt

Low wages

More need for emergency funds

Other savings priorities

So where do you see yourself when it comes to retirement?  Do you think you'll run out of money or time? 

Boomers: Pack Your Bags and Head to Hawaii

Today, Eons.com announced the results of its second annual “State of Longevity Report,” which ranks states according to boomer life expectancy. Colorado and Hawaii top the list this year with the highest average calculated age of 92.15. The results are based on data collected from more than 650,000 Eons.com members from May 2007 to May 2008 who completed its proprietary Longevity Calculator at www.eons.com/calculator.

Thomas Perls, M.D., M.P.H., is creator of the Eons.com Longevity Calculator and founder and director of the New England Centenarian Study, the largest study of centenarians and their families in the world.

“Both online and offline relationships are one of the keys to longevity,” said Dr. Thomas Perls. “As boomers go through life changing events like retiring, moving, downsizing, or relocating – they need to create new networks. Boomers are not as accustomed to building social groups online, so they’re going to have to get creative about meeting new people and staying in touch with family and friends. Eons.com is a great place for them to connect with interesting people who share similar life experiences.”

If you can't make it to Hawaii or Colorado, the survey also lists: California, Utah, New Hampshire, Alaska, Montana, Oregon, Connecticut and Arizona as states where you're life expectancy is at least 91 years.

It's interesting to note that not one southern state made the Top 10.