Nest eggs on alert

According to Sally Bryck, who headed up the survey, “Retirees are definitely feeling the effects of the 2008 financial crisis and have begun changing their behavior. Today 61 percent say they have a personal financial advisor, compared to 56 percent in 2008. Seeking professional help shows how severely things have changed and how unsure retirees are about doing things themselves.”

The number of retirees who feel “very confident” they have saved enough for retirement plunged in the past year. Only one quarter are very confident they have saved enough to last through retirement, a 12 percent drop since 2008.

An asset class that might guard against such perils to a secure retirement as inflation and outliving one’s savings, however, was not well represented in the survey.

Noted SOA member Anna Rappaport, “Even among retirees for whom Social Security does not cover their basic expenses, a guaranteed lifetime income, such as that provided by an annuity, is not a core focus of the retirement plans of the retirees surveyed. Among retirees whose core expenses are not covered by Social Security, 31 percent indicated interest in converting a part of their savings into guaranteed lifetime income.”