Fear of Running Out of Money Steals Retirement Joy

The fear of running out of money can be overwhelming for retirees and pre-retirees alike. According to a recent Allianz Life study, 67% of Americans worry more about running out of money than about death.

This anxiety can be attributed to real-life difficulties such as inflation, healthcare costs in retirement, market volatility, and uncertainty around Social Security.

However, the constant policing of one's own spending can also steal retirement joy. To combat this, experts recommend building a 'safe spending' plan, automating monthly withdrawals, using a bucket strategy, creating a regular stream of income through dividend-paying investments, checking cash reserves, and working with a financial professional.

By grounding decisions in a realistic withdrawal strategy, individuals can move past the life of worry into one that allows them to fully enjoy retirement. For example, Johnson & Johnson, Procter & Gamble, and ExxonMobil have performed strongly this year, with dividend yields ranging from 2.01% to 2.9%.