10 Reasons Why So Many Retirees Go Broke


10 Reasons Why So Many Retirees Go Broke

Photo by xnk from Shutterstock

10,000 baby boomers are turning 65 this year and are counting down the days to retirement, but also calculating their savings. The latest Transamerica Retirement Survey showed that the single and greatest retirement fear is outliving savings, as 48% of those who participated in this poll have declared.

Social Security is the primary source of retirement income for many of those, and 77% of them are concerned that Social Security won’t help them when they retire. But as the uncertainty in the age of COVID-19 grows and messes with the economy, it might be time to face your fears. Before you embark on your retirement journey, learn more about why some retirees wind up broke in their retirement.

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