Are You Afraid of Running Out of Money? You Are Not Alone

A while back, Mark and Helen sat across the table from me and said something I hear more often than you might think.

“We have done everything right. We have saved. We do not live extravagantly. And yet, the thought that keeps us awake at night is running out of money.”

Mark and Helen were not reckless spenders. They were careful, thoughtful Australians who had worked hard their whole lives. What they were experiencing was fear. And they are far from alone.

Recent Australian research from ASIC found that 48 percent of Australians aged 50 to 66 are worried about outliving their savings, and only a third feel confident they will be financially comfortable in retirement. Cost of living pressures remain the biggest concern for Australians over 60 for the third year in a row.

When you see numbers like that, it makes sense. When you add headlines about inflation, market volatility, and rising healthcare costs, that quiet fear can become a constant hum in the background.

The Quiet Fear That Grows Over Time

Another client, Peter, once told me, “I am not afraid of retiring. I am afraid of being retired for a long time.”

That comment really struck me.

Australians are living longer lives. A retirement that once lasted 10 or 15 years can now stretch for 25 or 30. One in two Australians surveyed in retirement research say they do not know whether their money will last for life. Many do not even know how much they can safely spend each year.

That uncertainty often leads to one of two behaviours. People spend too much too soon and worry later. Or they underspend, saying no to experiences they could afford, just in case something goes wrong.

Neither leads to a confident, enjoyable retirement.

When Fear Changes Decisions

I think of Susan, a widow we worked with who had enough assets to live comfortably. On paper, everything looked fine. Yet she was saying no to holidays, delaying replacing her car, and putting off home maintenance.

Why?

Because no one had ever shown her, in a clear and human way, how her money could support her life for the long term.

Once we mapped out her income, her spending, her aged care contingencies, and the what‑ifs, everything changed. She did not suddenly become extravagant. She simply became confident.

That shift is powerful.

Planning Is About Certainty, Not Just Numbers

At JBS, we know this fear rarely comes down to how much money you have. It comes down to how predictable your future feels.

Research from Challenger and ASIC highlights that certainty and confidence that money will last for life is the number one priority for retirees, even ahead of lifestyle spending.

A good financial plan does not just project balances. It creates clarity around:

• What you can spend today and tomorrow
• How your income adapts over time
• How risks like longevity, market downturns, and health costs are managed
• What flexibility you have if life changes

This is where expert advice really matters. Not generic rules. Not guesswork. Not hoping everything works out.

This Fear Reflects Wider Consumer Sentiment

We also see this concern reflected across broader consumer sentiment. Many Australians feel financially stretched and uncertain, even when they are actually tracking better than they realise. Research shows people often overestimate how much income they will need in retirement, which can unnecessarily fuel anxiety.

Fear thrives in the absence of clarity.

You Do Not Have to Face This Alone

If the thought of running out of money has ever crossed your mind, even briefly, know this.

It does not mean you are behind.
It does not mean you have failed.
It means you are human.

With the right planning, that fear can be replaced with confidence, choice, and peace of mind.

If you would like to talk through what your future could realistically look like, we would love to help. At JBS, we specialise in turning uncertainty into clarity, so you can enjoy the life you have worked so hard to build.

Sometimes, the most powerful first step is simply having the conversation. Our experienced and understanding team are here to help you. Book a chat here.

Join with Jen.

Names and personal details have been changed to protect client privacy.