More than twice as many retirees as last year report being worried about their financial situation and many are cutting spending or hiring financial professionals as a result.
A survey of retirees aged 56 to 77 holding more than $100,000 in assets showed 49 percent feel less secure than when they entered retirement, an increase of 29 percent over last year. Inflation also registered as a worry for these retirees.
LIMRA, the Society of Actuaries and the International Foundation for Retirement Education released the study, entitled “What a Difference a Year Makes.”
The 43 percent of retirees who indicated their investment risk tolerance had declined in the past year cited the following reasons: concern about the economy, concern about future inflation, not enough time to recover from the economic downturn and change in home value.