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What financial obstacle scares Americans more than death? For nearly two out of three people, it’s the possibility of running out of money in retirement. As people live longer and costs continue to rise, it’s no wonder making your money last for decades feels daunting.

In this episode of Money Wisdom, Nicholas J. Colantuono, CFP® and Eric Hogarth, CFP® share strategies to help alleviate this fear and instill confidence in your future.

What’s Driving This Fear?

Along with advances in healthcare, people are living longer, more active lives. Meaning, you not only have to decide whether have enough money to retire, but also how you want to live the next 30+ years.

Keeping pace with rising inflation, taxes, and healthcare costs can prove more difficult when you’re no longer working. In retirement, you’re likely living off interest, dividends, Social Security, and possibly a pension.

The reality is all the money you’ve saved over the years could be all the money you’ll have in retirement. That’s why it’s important to understand where your fear of running out of money comes from. Then, you can put a plan in place to address it directly.

Want to get the most out of your retirement? Get your free Guide to Maximizing Retirement book by texting “MAX” to 800-757-0436.

What Do Most Americans Lack?

Planning for retirement is more than simply putting money in the market and saving for a rainy day. In today’s market, many retirees are arriving at retirement in a great financial position. And yet, many people are still worried about outliving their money.

One way to alleviate this fear is to have a clear, well-written financial plan. This is a plan almost half of Americans do not have. That’s a large group of people who may be missing out on the confidence a strong retirement income strategy can provide.

Why Is a Retirement Income Plan Important?

The first step to creating your plan is thinking about what you want out of retirement. Your dream retirement could include spending time with grandkids, gardening, or traveling with your spouse. The bottom line is that it’s uniquely your own.

From there, you’ll need to calculate what those goals will cost, along with potential unexpected expenses, to see whether you’ll need to bridge the gap. Once you have a clearer picture of your retirement lifestyle and expenses, a financial planner can help bring everything together under one comprehensive plan.