Retirement Means Opportunity and Financial Anxiety for Most Americans
October 10, 2018
A new survey commissioned by TD Ameritrade has revealed that Americans have lofty ambitions for their retirement years, but are unsure about their finances.
Of the 2,002 people surveyed, 8 in 10 said they see aging as an opportunity to accomplish new goals, and more than three-quarters felt that retirement would allow them to pursue passions that did not fit in their lives before. Their biggest priorities in retirement are spending time with family and friends, traveling abroad, and taking up a new hobby, in that order. 72 percent felt that retirement will likely be the most liberating period of their lives.
Despite this optimistic view of retirement, many respondents were unsure of how they will fund these priorities. More than half of them do not believe they will have more than enough money to cover their needs in retirement. 6 out of 10 have no idea how much to save for life beyond age 65. 72 percent do not believe that social security will be enough to cover their spending in retirement. In fact, the survey found that more Americans expressed anxiety about healthcare costs (43 percent) and finances (35 percent) than death (26 percent).