NEW YORK (MainStreet) – If you can retire without outliving your nest egg or going back to work, congratulations: You're a rare breed.
Both Franklin Templeton and Voya Financial conducted surveys recently that concluded retirees aren't all that confident that their money will last throughout their retirement. According to Voya, six out of 10 retirees say their retirement was somewhat or very unexpected, 51% have never tried to determine if their current retirement savings will last, 39% know it won't last 20 years and 13% don't know how much savings they have in the bank at all.
Franklin Templeton, meanwhile, found that 55% of Americans are considering working during their retirement, with 30% of those ages 18 through 24 planning to never retire at all. Topping the concerns of those planning to retire are running out of money (27%) and health/medical issues (27%).
“Conventional thinking and attitudes about what it means to retire are changing. By taking action now — via saving and planning for retirement — individuals can help ensure that they're able to embrace this next phase of life,” says Michael Doshier, vice president of retirement marketing for Franklin Templeton Investments. “They can also reduce the stress increasingly associated with not having enough money to retire.”
With Voya noting that 59% working Americans are very or extremely concerned about outliving their retirement savings — with 74% having never calculated their monthly retirement income needs — just taking that first step can be tough. James Nichols, head of retirement income and advice strategy for retirement solutions at Voya, advises retirees that they'll need 70% of their annual income to continue their current lifestyle in retirement. He also notes that planning for 30 years of retirement or more is key to success.