The current investment market slump may be increasing U.S. consumers’ interest in collecting a steady stream of retirement benefits.
Researchers at Principal Financial Group Inc., Des Moines, Iowa, have published statistics supporting that conclusion in a summary of results from a recent survey of 1,331 U.S. workers ages 18 and older who work at businesses with 10 to 1,000 employees, and of 726 U.S. retirees ages 60 and older.
The researchers found that 65% of the workers who participated said having a guaranteed monthly income is the most important element in efforts to manage retirement savings, while 60% said having a contingency plan in case of medical illness is the most important component.
The percentage of workers who say their biggest financial worry is wondering how they will pay for basic neccessities during retirement has increased to 48%, from 38% in 2007, the researchers report.
The percentage of workers who fear that they will be unable to pay for good medical care in retirement has increased to 44%, from 39%.
The percentage of participating retirees who said inflation is causing them to lose sleep has increased to 44%, from 28%.