{"id":133706,"date":"2025-05-26T16:40:13","date_gmt":"2025-05-26T16:40:13","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/133706\/"},"modified":"2025-05-26T16:40:13","modified_gmt":"2025-05-26T16:40:13","slug":"more-scared-of-going-broke-than-dying-9-ways-to-beat-retirement-anxiety","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/133706\/","title":{"rendered":"More Scared of Going Broke Than Dying? 9 Ways To Beat Retirement Anxiety"},"content":{"rendered":"\n

Most people don\u2019t like thinking about death but for many, the idea of running out of money in retirement<\/a> is even scarier.<\/p>\n

A new study<\/a> from Allianz Life found that 64% of Americans feel stressed about the possibility of outliving their savings, a fear that cuts across age groups and financial backgrounds.<\/p>\n

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Janeil Pierre<\/a>, an accredited financial counselor and the author of \u201cThe Money Confidence Code,\u201d said it\u2019s not just a fear rooted in financial hardship, but \u201cthe emotional and psychological toll of watching one\u2019s quality of life decline after decades of work.\u201d<\/p>\n

Pierre and other experts offer some tips to beat this anxiety by being prepared<\/a>.<\/p>\n

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Clarity is the first step, Pierre said. \u201cDefine what a financially secure future looks and feels like for you. Do you want to travel, downsize, support family or simply maintain your current lifestyle? Having a clear vision provides a foundation for action.\u201d<\/p>\n

Robert R. Johnson<\/a>, PhD, a certified financial analyst and professor of finance in the Heider College of Business at Creighton University, refers to this as \u201ca roadmap,\u201d or an \u201cinvestment policy statement\u201d (IPS), a tool that \u201ctakes into account the investor\u2019s time horizon, risk tolerance, goals and objectives and unique circumstances. An IPS is unique to an individual.\u201d<\/p>\n

Once that\u2019s in place, calculate your retirement needs, create a plan, automate your savings and regularly check your progress. The more intentional you are, the more empowered you\u2019ll feel, Pierre suggested.<\/p>\n

See More: I\u2019m a Financial Expert: This Is the No. 1 Mistake Americans Make With Their 401(k)<\/a><\/strong><\/p>\n

Another approach is to work backward, Johnson said. \u201cThat is, they need to establish a budget in retirement and calculate how much they need to save and invest to achieve that goal.\u201d<\/p>\n

Using a reliable online calculator, such as the one on Calculator.net or Fidelity, can help, Pierre added. \u201cAim to replace 70%-80% of your pre-retirement income annually in retirement; personalized tools will give you a clearer picture,\u201d she said. Knowledge replaces fear.<\/p>\n

Additionally, determine a realistic budget<\/a>, Johnson said. \u201cOftentimes, people underestimate their expenses in retirement.\u201d<\/p>\n

Guaranteed income sources, such as Social Security, pensions or certain types of annuities<\/a>, can provide peace of mind due to their stable and predictable cash flow, regardless of market conditions, Pierre said.<\/p>\n

Story Continues <\/p>\n

\u201cKnowing you have a fixed amount coming in each month helps cover non-negotiable expenses and reduces dependence on investment withdrawals during market downturns.\u201d<\/p>\n

Johnson warned, however, that while Social Security may be consistent or reliable, it\u2019s likely not enough to retire on for most people.<\/p>\n

Pierre pointed out that \u201cmoney is a mindset long before it\u2019s just numbers. A person\u2019s beliefs about money directly impact their relationship with it and the reality they experience.\u201d<\/p>\n

She urged retirees to stop viewing money as something to fear and start seeing it as a tool. \u201cFear often arises from not knowing your numbers or feeling ashamed of your past decisions. However, your financial data is just that \u2014 data. It tells a story, but it doesn\u2019t define your future.\u201d<\/p>\n

One of the the most significant expense in retirement, and one of the least predictable, is healthcare, Pierre pointed out, so pre-retirees should:<\/p>\n