Eight times as many people (32%) plan to look into ways to protect existing assets than those who plan to invest more aggressively to make up for lost time (4%) in response to the recent economic and financial market uncertainty. And 54% expressed concern about their personal financial situation, saying they felt less financially secure than they did a year ago.
“The impact of the most difficult economy in generations has left a lasting impression, with Americans seeing their retirement savings jeopardized by low interest rates and high market volatility,” Mr. Wintrob said. “While the stock market and economy have somewhat rebounded, the confidence that many Americans once had has diminished. People are now looking for stable, lower-risk strategies that will provide the income and security they need in retirement.”
According to Dr. Dychtwald, “It’s notable that protecting themselves and their families from investment surprises is of utmost importance to men and women nearing or in retirement. While there has been a great deal of discussion about the economic impact of the past few years, this survey revealed that the psychological impact was also substantial – and a new mindset is emerging. Today, people are far more likely to recognize the need to scale back some of their retirement expectations while stepping up their saving and responsible financial planning.”
“Financial peace of mind is critical for Americans today,” Mr. Wintrob said. “We are keenly focused on providing the protection, investment and income solutions needed for financial and retirement security, and I’m confident that the entire financial services industry will play an important role in helping Americans improve their retirement outlook and prepare for tomorrow.”For more information regarding this national study and its findings, please visit http://aigretirementreset.com. AIG Retirement Re-Set Study Methodology This survey was conducted online by Harris Interactive within the United States on behalf of AIG Life and Retirement and AgeWave between August 28 – September 7, 2012 among a nationwide cross section of 3,426 adults aged 55 and over. No estimates of theoretical sampling error can be calculated; a full methodology is available.