This Is the Biggest Threat to Retirement Plans today

This Is the Biggest Threat to Retirement Plans in 2022


Man worried about money
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How safe will retirement savings be in the future. Your savings are supposed to take care of you when you need to pay for something within the budget or in an emergency.

After a nearly two-year explosive run-up in stock prices, many investors wonder whether the rally can continue. But other potential threats have them even more concerned.

In fact, a recent Allianz Life Insurance Company of North America survey of more than 1,000 adults found that four risks loom foremost in the thoughts of today’s savers. Here are the biggest risks that savers fear could harm their retirement plans in 2022.

Rising inflation affecting retirement objectives

Man looking at inflation
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Percentage of Americans who worry about this risk: 25%

Inflation fears have roared to life after decades of being dormant. In 2020, just 8% worried about how inflation might hurt their retirement plans, according to Allianz. Headed into 2022, one-quarter of savers now tremble at the thought of rising prices.

That makes inflation by far the most-feared retirement-plan risk that survey respondents named. Nothing else is close. If you are worried about how the higher cost of living might impact your retirement life, you can read about costs that many people forget about.

Outliving my money

Senior woman with no money
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Percentage of Americans who worry about this risk: 8%

Once the paychecks stop flowing, a new worry floods our minds: “How on earth will I finance decades of retirement without a job?”

This fear is completely normal. Whether you are in retirement or still approaching it, the best way to calm anxieties about post-work life is to create a plan to address them. Enrolling in Money Talks News’ retirement course, The Only Retirement Guide You’ll Ever Need can help you build a bulletproof plan for your golden years.

Increased health care costs

insurance costs, health care, aca, obamacare
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Percentage of Americans who worry about this risk: 8%

As we get older, our health care needs — and the costs that go with them — often increase. Contrary to what many believe, Medicare is not free. And it does not cover the cost of every health service we might need.

If you are worried about the cost of health care in retirement, check out Health Care Costs in Retirement

If you are still working, consider opening a health savings account. Then, start putting away money for future health services. If you are eligible for an HSA, it can provide an unparalleled way to save for retirement health care costs.

Job security

Laid off, unemployed worker
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Percentage of Americans who worry about this risk: 7%

Even in the midst of what has been called the Great Resignation — with seemingly millions of workers quitting their jobs, and others opting not to return to the workforce — job worries loom. After all, it was not that long ago that millions lost employment seemingly overnight as the COVID-19 pandemic began.

If you are out of work — or simply want to find something new — check out the FlexJobs website. There, you will find the latest advertised work-from-home job opportunities.

You also read about 7 things to do before claiming social security.

You will not regret taking charge of your future by securing a retirement plan that is simple and working for you. As you grow old, children start their lives and their priorities change. They will visit once in a while, but you will need to develop a new lifestyle. This new lifestyle will only be painless if your retirement plan is protected from the threat discussed above.

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