The COVID-19 pandemic and resulting economic uncertainty caused a significant shake-up with many Americans’ financial plans.
As a result, both people who are still in the workforce and those who have already retired need to make difficult decisions that will affect their financial futures. The pandemic created many new challenges, causing financial fatigue that could lead to risky choices or even a complete lack of action.
The new 2022 Retirement Risk Readiness Study from Allianz Life1 found that confidence in financial futures differ between retired and non-retired Americans. People who have yet to retire are much more anxious about their financial futures than their retired counterparts.
While 63% of non-retired respondents said they fear running out of money more than death, just 46% of retirees had the same fear. These younger Americans are in need of guidance to help them plan for a successful tomorrow.
The study surveyed three categories of Americans to get different perspectives on retirement: pre-retirees (those 10 years or more from retirement); near-retirees (those within 10 years of retirement); and those who are already retired.