43% of Americans Worry They'll Outlive Their Savings. Here's How to Avoid That Fate.
You'll often hear that it's important to save for retirement so you're not overly reliant on Social Security once your career comes to an end. Seeing as how those benefits might only replace about 40% of your pre-retirement income to begin with, and how benefit cuts are a distinct possibility in a little more than a decade, building a nest egg is absolutely crucial if you want to avoid financial struggles later in life.
But just because you manage to amass some savings doesn't mean that your money is guaranteed to last throughout your retirement. In fact, recent data from Northwestern Mutual reveals that 43% of Americans cite outliving savings as a major retirement concern. And it's certainly a valid one. But there's a key step you can take to avoid running out of money in your lifetime.
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Source Fool.com
