More Frightening Than Death: Fear & Loathing in Retirement

What frightens you? What keeps you up at night in a state of fear and anxiety?

There’s fear of snakes, spiders, and public speaking. Some people even suffer a fear of clowns.


But for many, there’s another fear. One that you might not expect, and a situation that almost all of us will have to face one day.


Retirement.


Turns out the shine is wearing off the golden years before they’ve even begun. And many people fear retirement more than death itself.

We surveyed 800+ salary earners to find out more about their feelings on retirement and see what preparations they’re making for it. Here’s what we discovered:

A fate worse than death—how fear of retirement compares.

Not everyone fears retirement but for those that do, it can be a terrifying prospect indeed. For many, it’s even more frightening than death or illness.

Overall, 40% of our respondents who feared retirement agreed that it scared them more than death itself. But when we ran the numbers based on demographics, things got even more interesting.

Men are more likely than women to be more scared of retirement than death, 44% vs 36%. And it’s not older folks who are closer to retirement that fear it more, it’s younger people.
Only 33% of our respondents aged 39 and older feared retirement more than death, but for those younger than 39 the figure leapt to 52%.
Then when we compared retirement to sickness or poor health the figures were even more striking. Overall, 47% of respondents feared retirement more than poor health.

Again, it was men who had the greater fear of retirement, 51% fearing it more than illness compared to 42% of women.
And once more it was younger people whose fear of retirement compared to poor health was more significant. 53% of people aged younger than 39 feared it more compared to 41% of those aged 39 and older.
Initially, this generational split felt counterintuitive. Younger people are further from retirement, it doesn’t loom as large as it does for older workers. But in reality it’s actually a good fit with the broader fears for the future that younger people hold.

Worldwide, it’s well-documented that wages have stagnated in recent decades and that youth unemployment remains stubbornly high. So for younger people already facing economic uncertainty, it’s no wonder that they have magnified fears about retirement.

And though retirement is a significant fear for them, many younger people don’t even think it’ll happen. They’re actually just as scared of not retiring at all.

We asked our respondents if they think they’ll actually be able to retire, or they believe they’ll have to keep working. Overall, it was almost a perfectly even 50/50 split, but when we made a comparison based on age the results were telling.

Of those aged 55 and older, fully 62% were confident they’d be able to retire, but that dropped to 45% for the younger cohort aged younger than 39.



So it’s fair to say that retirement, or not even being able to retire is a genuine concern. But just what is it that makes it such a terrifying prospect?



To find out we dug even deeper into people’s fears about their golden years.

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