6 Reasons Why People are Scared to Retire in 2022, Ep #107

<p>A lot has happened in 2022. A bear market and rising inflation have people who are about to retire scared. They’re worried about their retirement, and rightly so. In this episode of Retirement Made Easy, I’ll talk about some important statistics from the Schroders 2022 US Retirement Survey and what they mean. I’ll share the easiest thing you can do to make sure you’re prepared to retire. Lastly, I answer a couple of listener questions. Listen to this episode to give yourself some peace of mind!</p> <h2>You will want to hear this episode if you are interested in...</h2> <ul> <li>[0:21] Check out the FREE resources at RetirementMadeEasy.com</li> <li>[3:18] Important statistics from the Schroders 2022 US Retirement Survey</li> <li>[9:43] The top 6 reasons why people are concerned about retirement in 2022</li> <li>[13:09] Retirees are spending more than they anticipated</li> <li>[14:10] Why you need a written retirement plan</li> <li>[16:07] Listener Question #1: How is a fiduciary different?</li> <li>[17:59] Listener Question #2: What can you expect to pay a CFP?</li> </ul> <h2>What’s the perception of the amount of money someone needs to retire comfortably?</h2> <p>Schroders surveyed working Americans 45 and older and retired US citizens. They asked: “What’s the perception of the amount of money someone needs to retire comfortably?” The survey results found that the average person believes you need $1.1 million to retire.</p> <p>But are most people on track to have $1.1 million saved to retire? The short answer? <em>Not at all</em>.</p> <ul> <li>Only 24% of Americans expect to have $1 million in savings before they retire. </li> <li>20% said they’d have $500,000–$1 million</li> <li>56% expect to have less than $500,000 saved</li> </ul> <p>Of the people surveyed who were between 60–67<em>, </em>69% had<em> less than $500,000 </em>saved for retirement<em>. </em>54% of those pre-retirees had less than $250,000 saved.</p> <p>If people think they need $1.1 million to retire comfortably, how many actually had it saved