As inflation eats into savings and the market downturn punctures retirement funds, many Americans worry they will run out of money once they stop work.
Last month, a survey of nearly 200 Registered Investment Advisors (RIAs) by RetireOne® and Midland National Life Insurance Company reported that 82% of RIAs said their clients worry about outliving their retirement savings. Also, 64% agreed that clients are concerned about retiring on time.
These alarming figures reveal retirement insecurity’s grip over the nation. This phenomenon does not augur well for the long-term health and prosperity of the population, even as a looming recession rattles short-term confidence. Besides the current economic headwinds, workers will have to keep their eyes on the distant horizon of retirement, especially if they are behind. Here are several catch-up strategies for different age groups.
This post originally appeared at Wealth of Geeks.