Nearly half of financial planners’ clients fear running out of money in retirement, with many also concerned about maintaining their desired lifestyle. Early detection of financial trouble can prevent savings from depleting too quickly.

Research suggests that around 45% of those retiring at 65 may exhaust their retirement funds. Tapping into savings prematurely could indicate insufficient income sources. Being proactive about monitoring finances is crucial to avoid financial pitfalls in retirement.

Using retirement savings to cover daily expenses or accumulating debt signals a potential shortfall in retirement income. Experts recommend a conservative annual withdrawal rate of 3.7% to prevent depleting savings too soon, especially considering inflation, market fluctuations, and longer life expectancies.

Depleting emergency funds for regular expenses and not replenishing them indicates inadequate retirement income. Relying solely on Social Security benefits, which typically make up 31% of income for those over 65, could signify a shortfall in savings. It’s essential to have a robust financial plan in place to avoid running out of money in retirement.

Read more at Yahoo Finance: 6 Key Signs You’ll Run Out of Retirement Funds Too Early