Nearly half of American retirees feel stressed transitioning into the decumulation phase of wealth, especially due to inflation, healthcare costs, and lack of planning.
The study indicates that many retirees grapple with anxiety over how to responsibly draw from savings and generate retirement income, which differs significantly from their previous savings strategies.
Fewer than one-third of surveyed retirees have developed a specific income plan for their retirement, highlighting a gap in financial preparedness as they enter decumulation.
The uncertainty surrounding the Social Security trust fund and its potential shortfall in 2035 adds to retirees' anxiety, with many feeling unprepared for the future.
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