When it comes to retirement, we all have plenty to worry about. But for most of us, one fear tops the rest.
A full 72% worry that Social Security will not be around when they retire, according to a survey of more than 5,700 American workers conducted for Transamerica’s 23rd annual retirement survey.
The notion that Social Security might disappear undoubtedly strikes fear into the hearts of millions of people. More than a third of Americans 65 or older depend on Social Security benefits for half or more of their income, according to the Social Security Administration.
Social Security’s solvency isn’t the only concern weighing on people’s minds. More than two-thirds — 67% — wish they had received more information and advice from employers about how to reach retirement goals.
Such tips undoubtedly would be welcomed by many, as 63% confess that they do not know as much about retirement investing as they should.
More than half of those surveyed — 53% — also worry that they haven’t saved enough for retirement and say debt keeps them from saving more for retirement.
Taken together, these responses suggest that many of today’s workers are highly anxious about their ability to retire comfortably.
Perhaps because of all these concerns, 42% of survey respondents acknowledge that they prefer not to even think about retirement investing until they are closer to their golden years.
Needless to say, that’s an awful idea.
Instead, take charge of your future by educating yourself on how to build a solid plan for retirement. If you are older and can see the end of work just over the horizon, check out “Pre-Retirement Checklist: What to Do Within 5 Years of Retiring.”
If you have a little more time to prepare, start with Money Talks News founder Stacy Johnson’s podcast “The Biggest Risks You’ll Face in Retirement and How to Prepare.”