Retirement: What are the top reasons to fear it?


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Jean Chatzky:
Retirement. It’s a big, tough topic. So we came to New York City to find out what people fear the most.

Couple 1:
Running out of money, not being able to survive. Or getting ill and then can’t afford it. Oh, God.

Person 1:
The chances that we’re going to outlive our savings are very high. I might not go as far as I should.

Person 2:
I think the biggest fear that Americans have is that they’re going to outlive their retirement. Fortunately, for me, I’m not going to outlive my retirement.

Jean :
Will the Naked Cowboy ever retire?

Naked Cowboy:
I see this as retirement.

You do?

Person 3:
You know I saw my grandparents struggle in their later years because of medicine and medical costs were huge. Those are things that I think are on the dark side of retirement, too.

Person 4:
Probably outliving what you’ve got.

Do you find that you have a lot of distrust of financial institutions ?

Couple 1:
I don’t trust anybody. I’ll vouch for that! I don’t trust anybody or anything anymore!

Naked Cowboy:
The goal is to, like Tony Robbins says, make a money machine.

Person 5:
I guess the concerns would be how to have enough for longevity.

Person 6:
Worrying about whether the money is going to hold out as long as I’d like to live.

Couple 2:
Health-wise, that’s your biggest issue — that’ll get ya.

When you’re 70 you’re not going to want to be doing this…

Naked Cowboy:
Well, I wouldn’t. …Willie Nelson’s still doing it!

Jean Chatzky:
What does it take to combat that fear of retirement? Do one thing.  Increase the amount of money you’re pumping into your 401(k), run a retirement calculator or talk to a financial adviser. Any one of those things can put you on the right track.