The top fear of the American retiree today is healthcare at 28%. A couple who retired in 2014 will need $220,000 to cover healthcare costs in retirement, according to recent estimates from Fidelity Investments. Among people over age 50, one-third are anxious about expensing illnesses or injuries.
The second fear is running out of money at 23%. The thought of running out of money in retirement gives people the jitters, according to BankRate’s survey. It’s easy to understand why people worry about running out of money in retirement, given the fact that people are now living longer and 95% of employer pension plans have gone away.
The unknown is always scary because the top reason to possibly run out of money in retirement could be due to healthcare costs, so the two top fears go hand-in-hand. Though there’s always Medicaid to fall back on, it won’t provide the lifestyle anyone would pick as a first choice.