A majority of Americans are feeling uneasy about their outlook for retirement as the pandemic continues to wear on the economy.
Individuals in their 50s and 60s are most at risk to feel the economic impacts.
Some are being nudged into early retirement while others are leaving their jobs because they are concerned about their health. In some instances, their savings would only pay for three months’ worth of living expenses.
These are some of the findings from a new survey by SimplyWise Index, which tracks the ongoing consequences of the pandemic and how consumers manage their savings.
The survey also found that nearly 60% of Americans are more worried about their retirement today than they were before the pandemic. Other findings include:
- 15% of people who lost their job plan early retirement
- 1 in 10 of people in their 50s and 60s plan early retirement
- 65% believe Social Security funds will run out
- 27% are considering 401(k) withdrawals
- 36% think economy will worsen
For the last six months or so, many Americans of all ages have been feeling the stress and uncertainty.
Individuals nearing retirement may have an additional set of concerns to navigate, particularly when it comes to planning for their financial future.
For decades, you have prepared for the time when you’ll no longer be employed. Saving money and planning for retirement is one of your highest priorities for yourself and your family. Even so, many Americans struggle to meet every financial demand in retirement.
You’ve worked for this phase of life and despite today’s challenges, it is still possible to maximize your retirement life and enjoy it as you had envisioned it.
Individuals over the age of 62 can turn to a home equity conversion mortgage to equalize their financial resources.
A home equity conversion mortgage eliminates monthly mortgage payments and allows retirees to concurrently build out retirement savings.
Retirees still have the freedom to sell the home or pass remaining equity on to heirs.
To learn more about how to secure additional financial flexibility and provide extra security for your retirement planning, contact us today to learn more.
*(1) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; (2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; (3) the loan balance grows over time and interest is charged on the outstanding balance; (4) the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and (5) interest on a reverse mortgage is not tax deductible until the borrower makes partial or full repayment. This material is not from HUD or FHA and has not been approved by HUD or any government agency.