Baby Boomers’ 2 Biggest Retirement Fears

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Most of us have general money worries. But if you’re a baby boomer, two specific financial fears are particularly likely to dominate your retirement thoughts.

Baby boomers are very worried about outliving their savings and investments, with 45% citing this as their biggest retirement fear, according to the 20th Annual Report Transamerica Survey of Workers’ Retirement.

But a slightly higher share – 46% – say their main worry is that Social Security will be reduced or simply cease to exist.

Other fears that at least a quarter of baby boomers surveyed cited as their top retirement concern include:

  • Declining health requiring long-term care (41%)
  • Potential long-term care costs (34%)
  • Lack of access to adequate and affordable health care (31%)
  • Cognitive decline/dementia/Alzheimer’s disease (28%)
  • Not being able to meet basic family financial needs (25%)

It’s no wonder baby boomers are so anxious about the future of Social Security. As we recently reported37% of baby boomers surveyed by Transamerica expect Social Security to provide their main source of income.

This expectation may be reckless. The program was never intended to be a primary source of income. As we noted in our article, the Social Security Administration estimates that Social Security replaces only 40% of “middle” wages and 27% of “high” wages.

How to End Your Social Security Fears

Too much reliance on Social Security puts you at the mercy of the federal government, which is rarely a reassuring prospect. And even if the government steps in for you, trying to get by on Social Security is no way to live.

The best way to strengthen your finances — and reduce your fears about the future of Social Security — is to take charge of your destiny. A great way to do this is to enroll in the Money Talks News Retreat Course, The Only Retirement Guide You’ll Ever Need.

This 14-week boot camp is for people 45 years of age or older. It maps everything you need to know about retirement, including The Secrets of Social Securityand how to invest to make your golden years shine.

Learning about Social Security is another way to reduce your fears. After all, knowledge is power. So start your schooling by reading:

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click on links in our stories.

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