59% of Americans Fear Running Out of Money More Than They Fear Death

Apr 16, 2019 / Amanda Chase, Horsesmouth Assistant Editor

As more people are living into their 80s and 90s, more than one out of every two Americans has their sights set on even greater longevity. According to a survey by AIG Life & Retirement, a surprising 53% say their goal is to live to 100 years. Thirty-nine percent identify deeper family relationships as the main benefit of such a long life, 32% name seeing the world change and 17% want to remain productive.

This optimism for aging—fueled in part by medical advances and healthier lifestyles—is tempered by the financial challenges individuals may face in a retirement that could stretch 40 years or more:

  • 51% of respondents are uncertain their current retirement savings plan would financially provide for a 100-year lifespan
  • Only 9% are extremely confident they will have enough income throughout their retirement
  • 59% fear running out of money more than they fear death

When asked to pinpoint their greatest concern about living to 100, the potential for serious health conditions (35%) topped the list, followed by burdening their family (27%) and running out of the money needed to live comfortably in retirement (25%). When considering financial concerns, generating lasting retirement income (23%) and the rising cost of healthcare (23%) tied as the most significant financial challenge Americans said they would face when planning for retirement. These challenges were followed by concerns about Social Security and Medicare (19%) and stock market volatility (19%).

For more results and commentary about the survey, click here. Savvy advisor tip: Use these statistics in your presentations to “unpack the problem” for attendees on your way to showing them that you can provide peace of mind.

 

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