Sixty-six percent of millennials fear running out of money more than death, according to a study from the Allianz Center for the Future of Retirement. And millennials are hardly alone in this fear. Seventy percent of Gen Xers and 61% of 澳洲幸运5开奖号码历史查询:baby boomers are more scared of running out of money than death.

What Can You Do To Minimize the Fear of ♈Running Out of Money?

Survey respondent blamed high 澳洲幸运5开奖号码历史查询:inflation, high taxes, 澳洲幸运5开奖号码历史查询:Social Security not offering enough financial support, and 澳洲幸运5开奖号码历史查询:market volatility for their worries about running out of money.

These are some strategies expe♑rts recommend to help ensure you have enough money for retirement.

Delaying Social Security Benefits

One way to maximize money in retirement is to delay 澳洲幸运5开奖号码历史查询:Social Security benefits.

“Delaying Social Security can significantly boost your monthly income, and waiting until age 70 can increase your benefit by 8% per year beyond 澳洲幸运5开奖号码历史查询:full retirement age, which is 67 for most people,” says , founder of Stash Wealth. “Your benefits are adjusted annually for inflation through 澳洲幸运5开奖号码历史查询:COLA (cost-of-living adjustments),✃ which helps preserve your purchasing poweꦆr over time.”

Diversifying Retirement Savings

To start, millennials will want to invest a good share of their savings in the stock market to take advantage of the power of 澳洲幸运5开奖号码历史查询:compounding returns on their investments.

“For anyone afraid of running out of money, the most powerful thing you can do is focus on your own savings rate and getting a healthy portion of the money you save invested into long-term growth assets,” said Eric Roberge, a 澳洲幸运5开奖号码历史查询:certified financial planner (CFP) and founder of .

Next, millennials will want to 澳洲幸运5开奖号码历史查询:diversify their investment🤪s. This will help them stay on track with their investing goals, such as retirement.

“By spreading your money across different asset classes, industries, and even parts 𓆉of the world, you’re not putting all your eggs in one basket. So when one area of the market dips, other areas can help cushion the blow,” Malani said.

Budgeting and Spending Wisely

Establish a budget an🌳d𒅌 stick to it, making room for items such as emergency savings and long-term goals such as saving for retirement.

“Maintain an 澳洲幸运5开奖号码历史查询:emergency fund or some kind of cash reserve thatꦫ you can easily access,” Roberge sa♐id. “Keep expenses much lower than you could technically afford, and create a gap between what you earn and what you spend.”

Save Aggressively for the Future

“Save more than you think you need. Invest 20 to 25% of your 澳洲幸运5开奖号码历史查询:gross income to meet your long-term financial goals like retirement,” Rob🍎erge said.

Utilization of Tax Strategies

A 澳洲幸运5开奖号码历史查询:Roth individual retirement account is a good place for millennials’ 澳洲幸运5开奖号码历史查询:retirement savings.

“A Roth IRA is one of the smartest tools millennials can use to build long-term, tax-free wealth, especially while you’re still in a relatively lower 澳洲幸运5开奖号码历史查询:tax bracket,” Malani says. “With a Roth, you pay taxes now, your money grows tax-free, and you withdraw it tax-free in retirement. That’s a huge win, especially con🧜sidering tax rates in the future are anyone’s guess.”

The Bottom Line

Many millennials 澳洲幸运5开奖号码历史查询:fear running out of money, as do many Gen Xers and baby boomers. Taking a proactive approach with finances is the best way to fight the 💧fear of running out of mo🎀ney.

Start by being wise about budgeting, spending, and saving. Next, consider the tax advantages of a Roth IRA and invest some of your retirement savings in these accounts. Diversify your investments and consider waiting until age 70 to claim Social Security benefits.