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Almost half of Americans — 49 percent — cite running out of money as their chief retirement concern, with another 44 percent citing declining health, according to a new report from the Aegon Center for Longevity, Transamerica Center for Retirement Studies and Instituto de Longevidade Mongeral Aegon (Brazil).
The report surveyed 16,000 workers and retirees in 15 countries in the Americas, Europe, Asia and Australia.
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Only 36 percent of American workers are very confident they will be able to retire comfortably. Globally, that share drops to 29 percent.
The potential for longevity gives people the opportunity to redefine their working years as well as time spent in retirement, the report says. “Without a doubt, the fact that people have the potential to live longer than any other time in history will fundamentally change how future generations retire.”
Concerns about running out of money and declining health are rampant; worldwide, chief retirement concerns are declining physical health (50 percent) and running out of money (40 percent).
“Faced with these dual concerns, it is crucial that workers are empowered to plan for all eventualities and develop more holistic plans in preparing for retirement,” the report says.