This Is the Biggest Threat to Retirement Plans in 2022

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As a new year dawns, an old worry is top of mind for many savers: How safe will retirement savings be in 2022?

After a nearly two-year explosive run-up in stock prices, many investors wonder whether the rally can continue. But other potential threats have them even more concerned.

In fact, a recent Allianz Life Insurance Company of North America survey of more than 1,000 adults found that four risks loom foremost in the thoughts of today’s savers. Here are the biggest risks that savers fear could harm their retirement plans in 2022.

Rising inflation

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Percentage of Americans who worry about this risk: 25%

Inflation fears have roared to life after decades of being dormant. In 2020, just 8% worried about how inflation might hurt their retirement plans, according to Allianz. Headed into 2022, one-quarter of savers now tremble at the thought of rising prices.

That makes inflation by far the most-feared retirement-plan risk that survey respondents named. Nothing else is close. If you are worried about how the higher cost of living might impact your nest egg, check out “5 Surefire Ways to Beat Inflation.”

Outliving my money

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Percentage of Americans who worry about this risk: 8%

Once the paychecks stop flowing, a new worry floods our minds: “How on earth will I finance decades of retirement without a job?”

This fear is completely normal. Whether you are in retirement or still approaching it, the best way to calm anxieties about post-work life is to create a plan to address them. Enrolling in Money Talks News’ retirement course, The Only Retirement Guide You'll Ever Need can help you build a bulletproof plan for your golden years.

This 14-week boot camp is intended for those who are 45 or older, and it can teach you everything from Social Security secrets to how to time your retirement.

Increased health care costs

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Percentage of Americans who worry about this risk: 8%

As we get older, our health care needs — and the costs that go with them — often increase. Contrary to what many believe, Medicare is not free. And it does not cover the cost of every health service we might need.

If you are worried about the cost of health care in retirement, check out “12 Surprising Ways to Save on Retirement Health Care Costs.”

If you are still working, consider opening a health savings account. Then, start putting away money for future health services. If you are eligible for an HSA, it can provide an unparalleled way to save for retirement health care costs. For more, check out “3 Ways a Health Savings Account Can Improve Your Finances.”

Job security

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Percentage of Americans who worry about this risk: 7%

Even in the midst of what has been called the Great Resignation — with seemingly millions of workers quitting their jobs, and others opting not to return to the workforce — job worries loom. After all, it was not that long ago that millions lost employment seemingly overnight as the COVID-19 pandemic began.

If you are out of work — or simply want to find something new — check out the FlexJobs website. There, you will find the latest advertised work-from-home job opportunities.

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