The constant drumbeat of bad financial news has taken its toll on Americans in more ways than one, according to a survey released Wednesday, September 8, by Allianz Life Insurance Company of America, based on data collected in May of 2010 and a speech by SEC Chairman Mary Schapiro.
Americans are so afraid of outliving their money (more afraid than they are of death), according to the Allianz survey, that they would consider “an annuity-like solution” even as they express distaste for the term “annuity.” Over 80% of respondents chose moderate growth, monthly income guaranteed for life, and limited access to the principal over an investment that would provide a higher return without any guarantees.