Running out of money is a big concern among retirees, but it’s not the only thing they worry about.
A recent MarketWatch article revealed the results of the Retirement Fear Index, a self-described “monthly meta-analysis and sentiment map of what retirees actually fear.” It uses various metrics to track issues that might keep retirees up at night.
Here are the 10 retirement fears tracked by this index, listed from highest weighting to lowest:
- Healthcare and long-term-care costs
- Outliving savings/longevity risk
- Social Security and pension insolvency
- Inflation and rising everyday costs
- Cognitive decline/loss of independence
- Market volatility and sequence-of-returns (the risk that poor investment returns early in retirement would reduce retirees’ portfolios)
- Loss of purpose/identity crisis
- Housing affordability and maintenance
- Family caregiving burdens and isolation
- Taxes and regulatory changes
The key takeaway from the Retirement Fear Index, according to its creator, is that pre-retirees and retirees need to identify their fears and then take steps to address them.
Council of Seniors is Here to Help Older Americans
All of us here at the Council of Seniors want to improve older Americans’ financial futures and ensure they receive their full Social Security benefits. We are working with members of Congress to introduce the “Social Security Restitution Act.” It would provide an estimated $970 one-time payment to every retired worker receiving Social Security benefits, to help offset years of inadequate cost-of-living adjustments.
Please take a moment and sign our petition today to show your support.