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Worrying about money for retirement.<\/p>\n
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A lot of Americans are approaching retirement age without the assets to fund retiring. And many are justifiably worried about the situation, a new study shows. <\/p>\n
The investment firm Schroders commissioned the survey<\/a> asking retired Americans how they are navigating the shortfall. The answer was: not well. <\/p>\n Inflation, for one thing, weighs on them, the Schroder study noted. Sure, the Consumer Price Index\u2019s growth has slowed since the end of the pandemic, when a re-opening of the economy found too few goods available to meet hungry demand. As of September, the CPI had climbed 2.9% from 12 months prior, which was about a third of the rate right after COVID-19. And inflation boosts are cumulative. Overall, prices<\/a> have climbed more than 15% since the end of the pandemic.<\/p>\n Retirees sure feel that. \u201cRising prices on essentials like housing, food, and healthcare have significantly diminished the purchasing power and financial security of retirees,\u201d wrote Deb Boyden, the U.S. head Schroders\u2019 defined contribution section.<\/p>\n Per the Schroders report, almost one in five retirees are \u201cstruggling or worse.\u201d Some 35% of retirees said they have lost sleep worrying about their finances. Plus, 27% spend an hour or more daily fretting about money.<\/p>\n Getting into the weeds, only 40% of respondents think they have enough money for retirement, 45% said their expenses in retirement are higher than expected and 62% had \u201cno idea\u201d how long their savings will last. <\/p>\n Large majorities, from 72% to 92% depending on the question, think inflation has eroded their assets, healthcare is higher than anticipated and they don\u2019t know how to generate income or draw down those assets. The respendents overwhelmingly fear that a major market downturn will significantly shrink their assets and that they will outlive their assets.<\/p>\n Of course, a good number are getting by or even thriving: 5% contended they \u201care living the dream,\u201d and 37% said they are comfortable and 39% indicated they are \u201cnot great but not bad,” the Schroders poll found.\u201dJust 16% reported they are \u201cstruggling\u201d and 3% were \u201cliving the nightmare.\u201d <\/p>\n