40% of Americans Fear Retirement more than death

[cyber888]

Just saw this. Guess, this is why us dreamers are preparing well for it.

https://www.yahoo.com/finance/news/40-americans-fear-retirement-more-210049829.html

 

[RxMan]

Naturally, they’re scared of retirement. There are many who will rely on SS for income in their retirement because they have little to no savings. If I had to rely on the government for my retirement income I’d be scared as well. The reality for more people than you would think is that SS isn’t a prong of their retirement income, it’s the prong.

 

[marko]

A lot of people lack imagination or can't visualize the future beyond next Tuesday.

 

[Dtail]

20% of respondents have saved nothing for retirement and there you go.

 

[street]

My take is from people that I know fear retirement, because they don't know what they will after the job stops. Most I know have way more then they will ever spend but just can't give up that job/statues. In most cases they want to always try to be the richest and for people to see that statues.

I know some that should still be working and have retired and they don't have much, but didn't fear retirement at all.

 

[Gumby]

And rightly so, it's horrible. Oh, wait, no it's not. It's the best thing ever.

 

[Midpack]

Fears we all hold, just some (much) more than others…it’s implied that 60% fear death more than retirement.

Retirement is a relatively new phenomena in the broad scope of human history, and it's still not the norm in all countries.

According to the survey, the No. 1 fear Americans have about retirement is having a lack of income, with 87% saying that this scares them. Other fears include losing employment-based healthcare benefits and medical insurance (77%), not keeping mentally active (71%), not keeping physically active (64%) and not having social and friendship networks associated with work (50%).

The lack of income fear could be tied to a lack of faith in the current Social Security system. Over half of Americans surveyed (67%) believe that the amount paid out by Social Security will be less by the time they retire, and 85% think the minimum age to collect Social Security will continue to increase.

Another cause of this fear is that many Americans are truly not financially prepared for retirement — 20% of respondents said they have nothing at all saved for retirement. In addition, less than half (47%) have access to a pension plan that could help supplement Social Security income in retirement.

 

[old medic]

I'm looking forward to retiring .... but my anxiety seems to grow with every passing day.

 

[Andre1969]

I have a friend who's afraid of retirement. But he's sort of wired the old fashioned way, I guess, where he looks at retirement as the last step in a progression to death. He's also a workaholic.

I'll admit, I'm a bit unsure of retirement. I've run my numbers, and unless I'm missing something, or there's some unforeseen catastrophe in the near future, it all looks good. But, I'm just stuck in One More Year syndrome, for the time being. With me it's just a fear of the unknown, I think. That, and I do wonder about health insurance.

 

[Markola]

A lot of people lack imagination or can't visualize the future beyond next Tuesday.

Ain’t that the truth.

 

[MichaelB]

A link to a story with no context and only a headline is not easy to discuss. What is it about the story that should interest us? It this even legit?

Tracking the story back to its roots, a “professional resume builder” business carried out a survey that concludes a large % people fear not having enough money to finance their retirement, and may need to continue working.

With no info about the survey methodology I’d say the best we can conclude about the survey is “iffy” and the conclusion is rather self-serving.

 

[Letj]

I think too that some people have the means to retire but don’t know it. They view retirement as a pension and social security check and don’t realize you can fund your retirement yourself so even with enough investible assets, they don’t know how to do it.

 

[ExFlyBoy5]

A lot of people lack imagination or can't visualize the future beyond next Tuesday.

You aren't kidding. I have had many of my friends/family tell me that they cannot understand my willingness to "quit w*rking" so early in my life; it seems to boggle their minds. Of course, then they start in with their complaints that revolve around all the trappings of w*rking...

Personally, I love the freedom that has been afforded me by retiring so early. It's pretty awesome and I rate it 10 out of 10. Highly recommend.

 

[brett]

It is like anything else. You have to plan for it.

Financially and otherwise. Lots of people live for today only. No planning for tomorrow. They hit a wall when retirement is upon them.

Others cannot think of a life without debt and whether they will be able to make those minimum payments this month.

Very challenging in numerous ways.

 

[Andre1969]

One of my younger friends, who's 38, said he can't imagine not working, because he'd get bored. But then I asked him, don't you get bored at work? And the answer is, sometimes.

I'm sure that, once I retire, there will be times that I'm bored. But, my attitude is, when I get bored with being bored, I'll go find something to do!

 

[MRG]

I have a friend who was riffed a couple years ago and she freaked. She's was 59 and couldn't fathom a world where she wasn't working. "Been working since I was 14, what am I going to do now?". Her DH has been retired for a decade and they don't need her income.

 

[ransil]

I fear i'm gonna work too long and die before I retire and have fun.

 

[ivinsfan]

I feel really bad that I rewarded Yahoo and Zety with clicks for that crap story.


For those of you that didn't look (don't look now, they don't deserve it) it was a loop of two questions and you selected which one you feared more..it agree or disagree and netural...anyway in both the disagree and neutral added up to more then the "afraid" number. What a load of you know what, now to see what kind financial spam I get in the next few days.

 

[jollystomper]

The may be some truth in that. Retirement is a risk, and many are risk adverse. It is a risk that can be managed. The benefits certainly outweigh the risk., But it is similar to why people do not invest in market, or panic and get out of the market during downturns.

Fear of retirement does not always mean that one does not eventually choose to retire. How many have posted here with finances saying they can retire, but still fearful of taking that step.A poll here of "how many dealt with OMY syndrome" would be interesting, as going OMY mode, after all calculators/experts say you can retire comfortably, can be attributed in part to fear. Even when it is couched in "I want to build up more of a cushion", as I chose to do. But eventually the fear can (and has been) overcome.

 

[Dtail]

One of my younger friends, who's 38, said he can't imagine not working, because he'd get bored. But then I asked him, don't you get bored at work? And the answer is, sometimes.

I'm sure that, once I retire, there will be times that I'm bored. But, my attitude is, when I get bored with being bored, I'll go find something to do!

If one gets involved heavily with a hobby(s), one would not be bored.
My hobby takes up my day from 730am to 12:30pm including transportation time.

 

[jollystomper]

One of my younger friends, who's 38, said he can't imagine not working, because he'd get bored. But then I asked him, don't you get bored at work? And the answer is, sometimes.

I'm sure that, once I retire, there will be times that I'm bored. But, my attitude is, when I get bored with being bored, I'll go find something to do!

It could be just the age context. At 38 I could not imagine not working. Great job, good pay, good benefits, great Megacorp awards and recognition, in demand by Megacorp clients, wife and kids (pre-teen of course) saw me as a hero. Life was good. But in my 50s, even with all of those things, the age context became more important.

 

[Sunset]

I think too that some people have the means to retire but don’t know it. They view retirement as a pension and social security check and don’t realize you can fund your retirement yourself so even with enough investible assets, they don’t know how to do it.

That was me, it took friends telling me they were retiring early to wake me up to the possibility, just had to count up all the beans to see if we could do the same.

 

[brett]

You only have to see the growing consumer debt levels for those in the 45-55/60 age group to understand the fear..

 

[citrine]

I am not scared to retire at all... the husband and I are the hustling type....we will always be bringing some money in via field mowing, painting, diy projects, cooking, massaging, arts and crafts. I have gotten into hydroponic growing this season and plan on getting us to 95% plant based in the next year. The only thing I am scared of is that both husband and I are suckers for animals....we might end up adding to the herd rather than subtracting....but if that happens, we are going to open up a non profit sanctuary!

 

[Walt34]

I find it hard to understand the fear of retirement, I always knew I would sooner than most people (public safety job, an "old timer" has 20 years on). Actually I went close to 30 years because I enjoyed what I was doing.

But I just never had all those expensive tastes like new cars, lots of travel, fine dining, etc. I'm happy with a good library book, spend some time in the workshop fixing something or building a model airplane, stuff like that. So basically as long as the roof is intact and the pantry's full I'm a happy camper.