Forget about dreams of the good life in the golden years, Americans today are most concerned about meeting basic living expenses in their retirement years, according to the 2009 Investments and Retirement Survey from The Hartford Financial Services Group. Keeping up with daily expenses for food, shelter, and other basic needs became the primary worry for 65.2% of respondents to this, the fourth annual, survey. Last year, that was the top concern for only 49.7%, which was double the 2006 figure of 24.5%.
“The financial turmoil of the last few years has taken a huge toll on America’s confidence about the future and apparent readiness for retirement,” said Jamie Ohl, senior VP and director of The Hartford’s Retirement Plans Group.
Only 14.4% of respondents stated that their goal in retirement was “enjoying life” in 2009, down from 26.2% and 43.2% in 2008 and 2007, respectively.