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Americans more scared of running out of money than of dying - AMAC & Yahoo Finance

Bethan Moorcraft cites a “remarkable” statistic from a recent survey conducted by life insurance giant Allianz Life– 61% of respondents expressed a fear of going broke in retirement. Perhaps worse is that many still are not taking the necessary steps to avoid that grim fate. Gen Xers (aged 43-58) and Millennials (aged 27-42) are more pessimistic about their financial futures than boomers (aged 59-77). Social Security replaces only about 40% of pre-retirement income, and that program is in financial trouble for the long term. The author advises near retirees to make a plan, settle debts, and to make the most of retirement accounts. Full piece here.

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