More than twice as many retirees this year as compared to 2008 say they are worried about their financial security. But with the concern comes an increase in the number of retirees who say they are seeking help from financial advisors.
A new report from LIMRA, the Society of Actuaries (SOA) and the International Foundation for Retirement Education (InFRE) found 49 percent of retirees said they felt less secure than when they first entered retirement, compared with 20 percent who said so last year.
The report titled “What a Difference a Year Makes” gauged changes in retirees’ attitudes about retirement from 2008 to 2009. The report highlights a survey of retirees aged 56 to 77 with $100,000 or more in investable household assets.
Forty-three percent of the retirees surveyed said their tolerance for investment risk has gone down since last year, and many were concerned about the possibility of inflation, LIMRA said.