This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

The Scary Plight of Going Broke in Retirement

BOSTON (TheStreet) -- A survey by Allianz Life Insurance of North America this past summer found that among a sampling those ages 44 to 75, more than three in five said they worry more about running out of assets than dying.

The upside of such fears is that they may spur a more serious savings strategy. The considerable downside, however, is that some of these spooked respondents may see their premonition come true.

One in six older Americans lives below the federal poverty line, according to a recent government analysis, and all should have plans in place to deal with financial devastation.

So what happens if, into your retirement, you run out of money? What options are you left with?

"You hope you have good family and good services in your community and that sort of thing," says Noel Abkemeier -- a retirement actuary for Milliman and an active member of the Society of Actuaries. "Of course when your account runs dry, hopefully you still have Social Security coming in your direction."

One in six older Americans lives below the federal poverty line, according to a recent government analysis.

At 16%, the proportion of seniors living in poverty is higher than the proportion of all Americans in poverty, according to the Supplemental Poverty Measure Research, an alternative calculation from the U.S. Census Bureau that factors in such traditionally overlooked costs as out-of-pocket medical expenses and taxes that can affect those on fixed incomes.

"Millions are suffering and millions more are living on the edge of a financial crisis," says Sandra Nathan, of the National Council on Aging, a nonprofit service and advocacy organization. "Many seniors desperately need help assessing and navigating the options available to assist them in getting on a pathway to economic security, to meet their basic needs, survive an emergency and afford medical care."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,083.80 -2.83 -0.02%
S&P 500 1,987.98 +0.97 0.05%
NASDAQ 4,472.1080 -1.5890 -0.04%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs