Most Americans Say A Financial Crisis Would Derail Their Retirement

American has been losing faith in their financial good for years. Now a The majority say that an economic crisis would be a serious shock to their retirement plans.

In fact, about two of the three Americans say they are worried that another national or global financial crisis will damage their ability to retire. According to a new study in Allians Center for the Future of Retirement, which found Americans concern how the recession would affect what they can save for retirement and they can do on those funds.

Although many people worry about things outside their control, such as recession, tariff, or market volatility, less than half of them stated that they have a plan in terms of financial crisis.

While some risks are out of your control, “You can create a financial strategy that suggests how you will reduce the risk in the future,” Kelly Lavigne, Kelly Lavig, Vice President of Consumer Insight in Allianz Life, said in a release about the study.

To ensure that they can do things they want to retire, people should set financial goals, develop a plan to reach them, and they should probe longer to guess how much money they will need and when. But less than half of the respondents said that they do not have any written financial plan.

“To be able to feel confident about your ability to achieve long -term financial goals such as retirement, you need a written strategy,” Lavig said. “Without a plan, you will never know if you are on track towards retirement of your dreams.”