U.S. consumers are even more interested than they used to be in having financial services companies protect their retirement income from investment risk.
Researchers at AXA Equitable Life Insurance Company, New York, a unit of AXA S.A., Paris, have published data supporting that conclusion in a summary of results from an October survey of 400 U.S. residents ages 35 to 70 with household incomes of $75,000 or higher.
Since April, the percentage who rank income guarantees as a top financial priority has increased to 78%, from 62%, the researchers report.
The percentage who say protection against outliving retirement savings is a top priority has increased to 71%, from 59%.
Only 21% of the participants said they have taken concrete actions as a result of the economic turmoil, with 67% saying they have reallocated investments; 56% saying they have bought products such as annuities, life insurance or stocks; and 24% saying they have liquidated personal investments or taken withdrawals from 401(k) or 403(b) accounts.