Pre-retirees, those 60 or older, “see twilight at the end of the tunnel,” according to a new survey from The Hartford released Thursday.
E. Thomas Foster, vice president and national spokesperson for The Hartford's Retirement Plans Group, said in a statement, "The economic turmoil of the past few years has taken a major toll on the retirement dreams of those age 60 and older, especially those in their 60s. The financial services industry—financial advisors in particular—need to reach out to their mature clients to help them get back on track."
Almost 90% of retirees 60 or older feared they did not have enough money to retire, with a substantial percentage (28.3% for ages 60-69 and 33.3% for age 70 and older) saying they had “no idea” when they might be able to leave the workplace behind. Many (17.4% for ages 60-69; 33.3% for age 70 and older) never plan to retire.
While different age groups within the respondents focused on different worries, all were pessimistic about their futures. Those in their 60s put health concerns at the top of the list; outliving their money came in second. Those 70 or older were more concerned about outliving their money; for them, the second biggest worry was inflation’s effect on their money, and the third was losses in the financial markets.