Concerns about having enough money for retirement is causing anxiety for many adults who are actively saving or have already accumulated funds for their golden years. Even diligent savers report anxiety over having enough money for retirement and not running out. In a recent poll conducted by the Allianz Life Insurance Company of North America, and reported in Reverse Mortgage Daily, 49% of polled adults aged 45 to 65 reported feeling as though they’d fallen behind on their retirement savings plans. These respondents are worried that it might be too late for them to achieve a comfortable retirement lifestyle if they don’t increase their savings soon.
“Among those Americans actively saving for retirement, our study finds a dramatic difference between those who feel on track and those who feel behind, with this subset wishing for ways to catch up but without taking on too much risk,” Allianz Life Vice President of Consumer Insights, said in a statement about the results. “While it’s a positive that they are actively saving for retirement, the level of anxiety is concerning and many are simply not aware of potential solutions to help them catch up.”
For those who own a home, a reverse mortgage can provide some peace of mind for this retirement stress. It can also serve as that additional source for income they may be looking for, or a safety net for emergencies that come up.
If concerns about having enough money for retirement is causing anxiety in your family, or if someone you know is stressed out from chasing the American retirement dream read the full article or reach out to me for more information on this study and some possible solutions.