14 Reasons You Might Go Broke in Retirement

Running out of money in retirement is a legitimate fear. But there are steps you can take to avoid that fate – and it’s never too late to start.

Senior couple at home with many bills
(Image credit: Getty Images)

About 10,000 baby boomers turn 65 every day and start counting down the minutes to retirement (if they’re not already there). At the same time, they’re also counting their savings – and taking stock of their fears. According to the latest Transamerica Retirement Survey conducted by The Harris Poll in late 2020 and published in November 2021, only 24% of those surveyed were “very confident” they will be able to retire and live comfortably and 42% said their biggest concern was outliving their retirement savings and investments. Social Security, a primary source of retirement income for many, is front of mind to those surveyed: 73% are concerned Social Security will not be there for them when they retire.

It’s time to face your fears, especially in a roller-coaster economy. Before you start your retirement journey, learn more about these common reasons why some retirees run out of money. More importantly, learn what you can do now to avoid that fate.

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Bob Niedt

Bob was Senior Editor at Kiplinger.com for seven years and is now a contributor to the website. He has more than 40 years of experience in online, print and visual journalism. Bob has worked as an award-winning writer and editor in the Washington, D.C., market as well as at news organizations in New York, Michigan and California. Bob joined Kiplinger in 2016, bringing a wealth of expertise covering retail, entertainment, and money-saving trends and topics. He was one of the first journalists at a daily news organization to aggressively cover retail as a specialty and has been lauded in the retail industry for his expertise. Bob has also been an adjunct and associate professor of print, online and visual journalism at Syracuse University and Ithaca College. He has a master’s degree from Syracuse University’s S.I. Newhouse School of Public Communications and a bachelor’s degree in communications and theater from Hope College.