What’s scarier than death? Money issues, apparently.
More than 40 percent of people worry about paying for health care and right around a third fear finances in general more than dying, according to a new study.
It’s a morbid by-product of something most people are otherwise excited about: on average, we’re living longer than ever before.
In a survey on attitudes about aging, TD Ameritrade discovered most Americans expect to live to age 84. Many look at their Golden Years as an opportunity to reach goals (81 percent) and pursue passions (76 percent) that were previously interrupted by everyday life.
But at the same time, half are scared they won’t have enough money to cover a retirement extending 10 to 20 years.
“Financial considerations for retirement are very real concerns and do weigh heavy. Nevertheless, our survey shows most people view retirement as the most liberating phase of their lives,” Matt Sadowsky, director of retirement and annuities for TD Ameritrade, said in a statement.
More than six in 10 people say they want to use their post-work years to spend time with friends and family. Around the same number (57 percent) envision traveling abroad. A little over half (52 percent) intend to take up a hobby.
“Our findings show that whether you’re a Millennial or a Boomer, people are generally upbeat about the opportunities that come with aging,” continued Sadowsky. “Americans are more likely to associate aging with wisdom (65 percent) and experience (69 percent), than becoming a burden (18 percent) or becoming out of touch (17 percent). The optimism extends across all the generations.”
If only the “money thing” wasn’t a lingering concern…
Half of those surveyed say they want to retire by age 60, but only a third expect to actually do so. Almost three-quarters (72 percent) think they’ll need to remain working in order to keep stockpiling retirement savings.
They’re likely correct; other studies published in recent weeks have concluded as much. And to complicate matters more, TD Ameritrade data show six in 10 Americans are clueless how much they’ll even need to sustain their lifestyle beyond age 65.
Jessica Claeys is an editor, writer, and graphic designer, who has been creating both print and digital marketing and communications content for 10+ years.
Jessa Claeys is a licensed insurance producer in the state of Colorado and an insurance editor for Bankrate. She currently covers auto, home and life insurance with the goal of helping others secure a healthy financial future. Jessa has over a decade of experience writing, editing and leading teams of content creators. Her work has been published by several insurance, personal finance and investment-focused publications, including BiggerPockets, 401(k) Specialist, BP Wealth and more.