Thursday, October 28, 2021

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?