As inflation continues to be a concern for Americans, more than half of retirees say they are unsure they have enough savings, according to a new study.
Only 44% believe they have saved enough, while 24% are unsure and 32% believe they have too little, according to the Schroders 2024 U.S. Retirement Survey.
Among retirees expressing at least some concern, the top issues include:
- Inflation reducing the value of assets (89%).
- Higher-than-expected healthcare costs (85%).
- A market downturn significantly reducing assets (76%).
- Being unsure how to best generate income and/or draw down assets (69%).
- Outliving assets (68%).
Additionally, 33% of retirees fear financial stress will affect their overall health, and 26% have lost sleep worrying about their financial situation.
Nearly half (47%) of all retirees report their expenses in retirement are higher than they expected, and 49% believed Medicare would cover more of their healthcare expenses. Retirees report spending 14% of their total monthly income on healthcare costs including insurance premiums, out-of-pocket expenses and prescription costs.
Conducted from March 15 to April 5, the Schroders 2024 U.S. Retirement Survey questioned 2,000 U.S. investors age 28 to 79, including 498 retirees.
