Financial insecurity is becoming – and already has for many – a harsh reality.
By Jeannine Mancini
Content Specialist
A recent survey conducted by life insurance company Allianz reveals a significant concern among Americans regarding financial stability in their later years. According to the survey results, 61% of respondents are more afraid of depleting their savings during retirement than dying.
Allianz conducted its study by collecting information from a group of 1,000 middle-class Americans ages 25 and older. The study defined the middle class as people with investable assets of $150,000 or more or annual incomes of $50,000 if they were single and $75,000 if they were married. The study’s findings highlighted a significant observation: While death is an unavoidable aspect of life, the fear of depleting one’s financial resources in old age strikes a chord with a substantial number of people.
The concern over outliving your financial means is a driving force behind the importance of Social Security, a program designed to provide an inflation-adjusted lifetime annuity that ensures financial stability in retirement.
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