Of all the concerns impacting Americans’ retirement today, running out of money, maintaining their lifestyle and rising healthcare expenses continue to top the list. This according to the American Institute of CPAs (AICPA) Personal Financial Planning Trends Survey which was conducted August 20 through September 24, 2018 and includes responses from 631 CPA financial planners.
Running out of money is the top financial concern of clients planning for retirement, cited by 30 percent of CPA financial planners. This reflects an improvement from the AICPA’s 2016 survey, which found 41 percent of clients listing it as a top concern. This is likely due to the economy’s steady improvement over the last few years, with the stock market continuing to climb despite volatility. Clients worried about maintaining their current lifestyle and spending level (28 percent) in retirement was a close second financial concern. Stress from rising health care costs (18 percent) was a distant third. However, with medical costs forecast to continue growing throughout 2019, it is not surprising that this concern is up 7 percentage points from 2016.
COMMENT: Do they actually run out of money in retirement. Yes, as it turns out:
The HECM Reverse Mortgage offers help when money runs dry. Those with home equity can draw on it through a Government guaranteed loan which requires no payments in their lifetime while they keep taxes and homeowners insurance paid up. Contact veteran financial professional Warren Strycker at Patriot Lending for details. See contact information under “information” tab on home page of this website.