My mom is convinced she can’t afford to retire — but I ran the numbers and realized she’s better off than she thinks Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
Running out of money in retirement is a serious fear for many seniors
In fact, one study found that 67% of Americans (1) worried more about running out of money than about dying. In some cases, these fears are founded. If you have too little saved, giving up a paycheck is scary because you could end up broke.
But what if you have plenty of money but are still scared to pull the trigger? Must Read Let’s pretend, for example, that Matteo’s mother, Dolores, has $2 million saved, a home that’s almost paid off, and a paid-off car. She’s frugal, so she spends just $50,000 per year, and she’s 68 years old.