Worry over the economy drives American retirement concerns

A 2012 LIMRA Secure Retirement Institute research study revealed similar results. In the study, consumers identified public policy issues, such as increases in taxes and Medicare costs, or cuts in Social Security as their chief risks in retirement. In both instances consumers expressed the most worry about things outside of their control.

The reality is many Americans simply have not saved enough for retirement. LIMRA Secure Retirement Institute estimates that individuals could live upwards of 30 years in retirement. With 7 in 10 pre-retirees reporting that their social security and pensions will not cover their basic living expenses, it is concerning that more than half of Boomers have less than $100,000 saved for retirement and more than a third have less than $25,000 saved for retirement

In the Barometer study, other consumer concerns touched on not saving or planning enough for retirement and not owning any products that will generate a guaranteed income.

With these responses, consumers acknowledge they haven’t planned enough for a secure financial future, but given the right advice and products, they can change that outcome. The opportunity for the industry and advisors is to educate consumers on where to put their focus. Instead of worrying about public policy matters, consumers can use solid counsel and solutions to affect their financial security today and into the future.