Seniors Need to Face Their Financial Fears
Life has changed for many seniors over the last year and a half. Jobs were lost, health concerns abound, and this all results in uncertainty and fear for Boomers’ financial future.
How can you avert financial doom and design the life you want? It starts with facing your fears.
What Keeps You Up at Night?
SeniorLiving.org found that:
- “Nearly 1 in 2 older adults’ biggest financial fear was not having enough money saved for retirement…”
- “1 in 4 older adults fear they’ll never pay off their existing debt.”
- “Forty-five percent of people between 55 and 64 fear having high medical bills…”
These fears are only, and that pace was stepped up during the pandemic. About 3.2 million more Boomers retired when you look quarter-over-quarter from 2019 to 2020, according to Pew Research. Until the pandemic, retirement for Boomers had been running about 2 million per year since 2011.
