Many Boomers Remain Worried About Retirement And Are More Willing To Seek Advice
Nearly six in 10 boomers are worried their nest eggs isn’t large enough, and 61% say they are more afraid of outliving their money than they are of dying.
Those were some of the results of the second annual “Reclaiming the Future” survey by Allianz Life Insurance Co.
The study shows that most boomers are aware they risk outliving their assets and that many are seeking solutions. A total of 32% are receptive to working with an advisor, up from 29% in 2010.
The economic downturn of 2008-2009 took a big toll on boomers: 53% saw their net worth drop significantly, 43% saw the value of their home drop, and 41% realized they are not as in control of their financial future as they thought, the survey shows.
As a result, more boomers are interested in financial services and products designed to protect against loss: 69% said they prefer a product that is “guaranteed not to lose value” rather than a product whose goal is “providing a high return.”
In addition, 56% prefer an annuity-like product (moderate growth opportunity, guaranteed monthly income for life, but limited access) to a product that provides total access but risks running out of money. Among the mass affluent, this number rose to 77%.