American Retirement Perspectives Survey

New Annexus-Forrester Research Underscores Baby Boomers’ Uncertainty, Lack of Product Knowledge to Address Retirement Income Risks

Survey Reveals Americans’ Top Concerns, Opportunities for the Financial Services Industry

Annexus commissioned Forrester Consulting, a leading global research and advisory firm, to conduct the American Retirement Perspectives Survey. Baby Boomers responded with their retirement preparedness, top retirement concerns and the importance of working with an advisor. The key findings from the survey can be found below:

Retirement Income
  • Only 1 in 3 Americans are confident or extremely confident they’ll have sufficient income for retirement1
  • 56% of Americans with a source of lifetime income are still concerned or extremely concerned they’ll outlive their savings2
  • More than 4 in 5 Americans surveyed consider lifetime income important or extremely important1
  • 85% of Americans feel it’s important or extremely important to have another source of dependable income besides Social Security1
  • 88% of high-income earners consider lifetime income important or extremely important3
  • 94% of high-income-earning males believed a source of lifetime income beyond social security is important or extremely important4
  • Just 16% of Americans without a retirement income plan that provides a lifetime monthly dollar amount are confident or extremely confident they have sufficient income to last throughout retirement5
  • People with a retirement income plan that provides a lifetime monthly dollar amount are more than three times as likely (50%) to be confident or extremely confident they have sufficient savings for retirement than those without (16%)6
Market Volatility
  • 61% of Americans are concerned or extremely concerned about the impact of market volatility on their retirement savings1
  • 73% of high-income earners are concerned or extremely concerned about the impact of market volatility on retirement savings3
  • Americans aged 50-54 are far more likely (68%) to be concerned or extremely concerned about the impact of market volatility than those 65 to 70 (54%)9
  • 85% of high-income earners consider it important or extremely important to be protected from market losses 3
  • 71% of those with $500k or more in assets are concerned or extremely concerned about the impact of market volatility — just 61% of Americans overall share their concern10
  • The same percentage of families with assets over $500k (89%) believe that asset growth and market protection are important or extremely important10
Costs in Retirement
  • 71% of Americans are concerned or extremely concerned about the impact of inflation1
  • 88% of high-income earners consider it important or extremely important to have lifetime income that can keep pace with inflation3
  • 74% of Americans with $500k or more in savings are concerned or extremely concerned about the potential for rising taxes in retirement7
  • 78% of pre-retirees (aged 55 – 59) are concerned or extremely concerned about healthcare costs in retirement — 64% of those 65+ are concerned or extremely concerned8
Retirement Awareness
  • 85% of Americans think it’s important or extremely important to have an additional source of dependable lifetime income, but 44% don’t know which investment is best-suited to provide it1
  • 75% of Americans feel tax advantages are important or extremely important in retirement investments1
  • 58% of Americans who make over $100k a year believe working with an advisor is important or extremely important, compared to 45% of Americans as a whole11
  • 82% of high-income earners believe tax advantages are important or extremely important3
  • 63% of Americans with more than $500k in savings consider working with an advisor important or extremely important compared to 54% of the total population10
  • 46% of investors who understand the value of an advisor recognized annuities as the best option for lifetime income12
  • More than 68% of clients who believe an advisor is important or extremely important would purchase an annuity with their IRA12

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