How to Transition From Saving to Spending

Americans worry about exhausting their retirement funds
͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ 
No images? Click here
November 12, 2024
Retire with Money

What are you afraid of?

Last month, Allianz Life Insurance Company released its 2024 annual retirement study. Among the findings emerged a notable trend: Americans are fearful of transitioning from saving for retirement to spending in retirement.

Specifically, the study found that:

  • 56% have no plan on how they will access income in retirement
  • 48% worry they’ll live too frugally and not enjoy retirement to its fullest
  • 45% express concern about how to best take distributions from retirement savings

These findings aren’t necessarily surprising. People work their entire lives to ensure they’re sufficiently covered in retirement. Worrying about prematurely exhausting that nest egg is natural, and convincing yourself to spend those savings once retired can be challenging, especially when looking at the root causes of Americans’ concerns.

Inflation tops the list, with 42% of respondents worried about increasing costs. Longevity is another issue, with 35% of those surveyed saying they’re fearful of outliving their money. And, perhaps unique to America, 32% said they’re hesitant to spend their retirement savings because of health care costs. 

So what can you do? For those concerned about how to tap your savings to get income in retirement, or how to best manage distributions, educate yourself. Money’s retirement hub has resources that explain that, and much more, which can help put your mind at ease.

And for the 48% of you who worry you’ll live too frugally and not enjoy retirement as much, don’t hesitate to treat yourself. You’ve earned at least that. To quote Oscar Wilde, “Everything in moderation, including moderation.”

— Jordan Chussler, investing and banking editor

P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue.

Stat of the Week: 32.1%
Cities
Cleveland, OH | Getty Images

In America's 50 largest cities, 32.1% of renters paid less than $1,000 per month in 2023, according to a report by real estate company Redfin. That share is down from about 50% in 2012. But these 15 cities have the highest share of rents under $1,000.

Money Move of the Week
Medicare typically won’t pay for your long-term care
Long Term Care

Studies have shown that more than half of Americans over age 65 will require some form of long-term care. However, nursing homes and assisted living facilities are not covered by Medicare or Medigap unless medical care is needed. So what happens when you need help with daily activities like bathing, dressing and managing medications? One way to be prepared is by having a long-term care insurance policy. The right policy can provide you with the financial support you’ll need during your golden years.

Check out Money’s list of top-rated long-term care insurance providers and find a plan that fits your needs.

ADVERTISEMENT

 

Retirement 1, 2, 3
More Insights and Advice from Money
Election Results
After winning the 2024 presidential election, here’s how a second Trump presidency could affect your finances.
Olive Burd / Money; Getty Images

Property Taxes
Property taxes may be a burden for homeowners, and several states just voted to reduce them.
Money; Getty Images

Precious Metals
Due to events that have impacted global and domestic supply and demand, a handful of metals are increasing in value and challenging all-time highs.
Money; Shutterstock

Facebook
Twitter
Instagram
Youtube
LinkedIn
TikTok
Threads
This newsletter is free because Money earns a commission when you click or make purchases from the links in this email and on our site. We also receive compensation for some of the products and services featured in this message. Offers may be subject to change without notice. Learn more about how we make money.

Privacy PolicyAdvertise With UsWe're Hiring!

To stop receiving these emails, unsubscribe or manage your email preferences.

Copyright ©2024 Money Group, LLC. All rights reserved.

Metro Office Park Calle 1, Building 7 Suite 204, Guaynabo, Puerto Rico 00968, USA

Older messages

Don't let pests take over your home

Monday, November 11, 2024

Save $50 on pest control options Make your home pest-free Termites Termites are silent destroyers that can cause extensive, costly damage to a home's structure. Worse still, you may not know they

Are you in need of money and feeling overwhelmed?

Sunday, November 10, 2024

You may not be aware of all your options ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

The Piña Coladas are Calling Your Name... 🇵🇷

Friday, November 8, 2024

Enter to win a chance to win a culinary adventure in San Juan. ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Is your Medicare coverage falling short?

Thursday, November 7, 2024

Medigap plans could help pick up the slack ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

A $10k vet bill could make you reconsider your pet’s cuteness

Wednesday, November 6, 2024

Safeguard your finances while protecting your best friend with pet insurance ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

You Might Also Like

American Airlines flights grounded briefly on Christmas Eve

Tuesday, December 24, 2024

A technical issue caused a headache for many travelers Are you prepared for holiday flight delays? A technical issue briefly grounded American Airlines flights nationwide early on Christmas Eve, due to

How To Make A New Year’s Resolution

Tuesday, December 24, 2024

An experiment looks at ways to make New Year's resolutions succeed. View this email online Planet Money Hey, it's Greg Rosalsky. Here at Planet Money, we cover the people and forces that shape

🎅 The year in review

Monday, December 23, 2024

The economy in 2024, the market's winners, and feeling emotional | Finimize TOGETHER WITH Hi Reader, here's what you need to know for December 24th in 3:10 minutes. The global economy held up

Stop overpaying for your student loans

Monday, December 23, 2024

Find out how refinancing can help you save ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌

Economic Lessons from the Last Few Singularities

Monday, December 23, 2024

Plus! Conflicts and Confluence; Bonds; Empire Building; China; The Capital and Talent Cycle Economic Lessons from the Last Few Singularities By Byrne Hobart • 23 Dec 2024 View in browser View in

Don't Miss This NYSE IPO Opportunity

Monday, December 23, 2024

Urgent: Unique IPO Opportunity in a Multi-Billion Dollar Industry ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Look what this top trader shared on Fox Business

Sunday, December 22, 2024

Get your copy today ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Longreads + Open Thread

Saturday, December 21, 2024

Inflation, AI, Linkrot, Data, Research, Pod Shops, Life Advice, Nvidia Longreads + Open Thread By Byrne Hobart • 21 Dec 2024 View in browser View in browser This issue of The Diff is brought to you by

Post-Election Market Warning: Here's what's next...

Saturday, December 21, 2024

Urgent warning issued... ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

⭕️ A tech play with a nice ring to it

Friday, December 20, 2024

Finimize TOGETHER WITH Hi Reader, here's what you need to know for December 21st in 3:07 minutes. Novo Nordisk shares slimmed way down as investors felt disappointed by the firm's latest