Like Monday morning quarterbacks who second-guess plays made on Sunday, Americans are reviewing the strategies they might have followed to best handle the recent financial crisis.

A new survey by Allianz Life reports that employed Americans between 35 and 64 are 20 percent more likely to alter their financial strategies than retirees and those over 65. The latter group is 70 percent more likely to “stick to the same game plan.”

Allianz marketing chief Nancy Jones said, “This financial upheaval should be a wake-up call that small things can add up and that it’s never too late to begin saving for retirement. A product that offers guaranteed lifetime income, such as an annuity, can be a great defensive play in planning for retirement.”
According to a Synovate Research survey, only two out of five respondents said they expect to have enough money to retire.

  • While 18 percent expect retirement will be “an easy touchdown–I should make it comfortably,”
  • 17 percent said they anticipate being “sacked–I think I’m going to come up short,” and
  • 9 percent believe they will need a “Hail Mary–it’s going to take a miracle.”
  • The remaining 22 percent characterized their retirement prospects as “a coin flip–probably 50-50.”
  • When asked how they would have done things differently, 86 percent said they would have tried to save more.
  • Specifically, 28 percent said they would have dined out less, while 19 percent would have brought their lunch to work more often.

Respondents over 65 in households with higher income and in households without children feel more positively about retirement and their savings. Those in middle age with lower income and children reported the most negative outlook regarding retirement.