So many seniors have worked hard for years and put away money for retirement, yet once they get there, they wind up not spending it. As it turns out, there’s a good reason why seniors are frugal during their retirement years.
A survey was recently conducted by the Employee Benefit Research Institute, which found that the reason why retirees are not spending comes down to one main thing: fear.
Seniors Are Afraid of Not Having Enough Money
Of course, it really shouldn’t come as a surprise that retirees fear running out of money, especially given how small Social Security checks are. Even if you’ve spent years putting funds away, when you suddenly have so little coming in each month, it’s only natural to start to worry about whether or not the funds will last.
Here at Council of Seniors, we’re doing everything we can to make sure that Congress passes The SAVE Benefits Act, which will give retirees an extra $581. This is intended to make up for the Cost of Living Adjustment (COLA) money that seniors should have received – but their COLAs were too low.
If we’re going to make this happen and get The SAVE Benefits Act passed, we need your support. We’d greatly appreciate it if you could help us out by signing our petition. With every person who signs, we get one step closer to achieving our goal.
Do you worry about running out of money in retirement? We’d love to hear your thoughts.
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