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Some also worry that they wont be able to leave behind a legacy for their families.
Heres what they shared.
Notably, there are ways to alleviate healthcare-related concerns.
For those still actively employed, contributing to a Health Savings Account (HSA) is one such option.
And for those in the middle class, sometimes theres simply not enough money to cover the unexpected.
As medicine and technology advance, we are seeing much greater life expectancies, Knode said.
Retirement is a much more extended period for Americans than its ever been.
Inflation Eroding Purchasing Power
Inflation is a major concern for anyone living on a fixed income.
While this is significantly lower than what it was during the pandemic, its still cause for worry.
According to Schlossberg, a lot of retirees worry about inflation, which erodes their purchasing power over time.
This, of course, exacerbates other fears like the length of Social Security.
This would have a major impact on retirees, Knode said.
This is why I stress the importance of additional retirement savings, in the event Social Security gets reduced.
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