Inflation has majority of retirees worried they will outlive their assets

foxbusiness.com:

Retired nurse Joyce Fleming shares why she decided to return to work due to rising costs.

After years of elevated inflation that continues to chip away at the value of a dollar, a majority of retired Americans are worried they do not have sufficient savings to sustain themselves through the entirety of their golden years.

A new survey of 2,000 U.S. retirees released by Schroders found 68% are concerned about outliving their assets, and less than half (44%) believe they have saved enough.

A new study by Schroders found the vast majority of retired Americans are concerned that their savings will be sufficient, citing inflation. (iStock)

The report stated that the rising prices are «taking a toll» on Americans who are in retirement, finding that 89% of respondents are concerned over inflation lessening the value of their assets.

Eighty-five percent said they are concerned about higher-than-expected health care costs, and 76% said they are concerned about a major market downturn that would significantly reduce their assets.

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One out of three retirees told Schroders they are concerned that financial stress will affect their overall health, and 26% said they have lost sleep while worrying about their financial situation.

«Whether it’s a trip to the gas station, grocery store or pharmacy, prices in the U.S. have increased noticeably in recent years, and that is particularly challenging for retirees living on fixed income sources,» said Deb Boyden, head of U.S. defined contribution at Schroders. «The challenges facing retirees today are further evidence of the retirement savings crisis.»

Forty-seven percent of U.S. retirees say their expenses in retirement are