Fear # 1 – American Retirement Crisis/Unprepared:
- 92% of Americans believe there is a retirement crisis and fear they are unprepared
When asked “Do you believe there is a retirement crisis in this country?”
- 92% answered absolutely or somewhat.
In the age group 44-54
- 54% said they feel unprepared for retirement.
- 57% of all respondents worry about their nest egg safety and it may not be large enough.
- 47% fear they will not be able to cover basic living expenses.
Fear #2 – Americans fear outliving money more than they fear death
- Increasing longevity mean more people are spending more years in retirement.
- 77% of all age groups worry about living too long. So much so a shocking 61% feared outliving their assets more than they feared death.
The market meltdown of 2008-2009 caused a profound financial rethinking for Americans.
- 53% reported their net worth was significantly eroded in a very short period of time.
- 43% had their home values drop
- 41% realized they were not “in control” of their financial futures as they’d thought.
As a result of this financial turmoil many research participants said they changed their behaviors.
- Cut back on spending
- More interest in financial news and studying the markets
The majority agreed- “That the safety of my money matters more.”
“Asked to consider the features that would be most important to them if they could build the ideal financial product?”
- 69% of survey respondents said they would prefer a product that was “guaranteed not to lose value”
- Only 31% would choose a product that is not guaranteed with the goal of “providing a high return.”
Annuity-like solutions are gaining relevance and appeal.
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