Nearly one-third of U.S. adults believe there is a greater than 50 percent chance they will outlive their savings, according to a new survey.
Northwestern Mutual released its 2015 Planning & Progress Study, noting that this Friday will mark the 80th anniversary of the Social Security Act being signed into law.
The survey found that more than 12 percent of the U.S. adults polled believe there is a 100 percent chance their savings will run out someday. Meanwhile, 24 percent of the respondents said they are unsure if their savings will last. In addition, 52 percent said have not taken any steps to address the risk of outliving their savings, and nearly a third (30 percent) of the survey respondents said it is not at all likely that Social Security will be there for them when they need it.
Twenty-six percent of the respondents said they don't know what their safety net will be, while another 26 percent don't believe they will have a safety net.
“When people look beyond this week, this month and this year, they’re worried,” said Northwestern Mutual vice president Steve Sperka in a statement. “They’re unsure what they'll need to be financially secure and they suspect their savings won't last. That fear can lead to paralysis, but ignoring the problem doesn’t make it go away. This should all be addressed in a financial plan that sees beyond the short term.”
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