A significant number of Americans within two decades of retirement who are saving for that major life event are deeply anxious that they are not on track to reach their saving goal, Allianz Life reported Tuesday.
Allianz Life referred to these worried pre-retirees as “chasers.” They made up 49% of a sample of 1,109 Americans in an online survey conducted in April.
Respondents were 45 to 65 years old, had a minimum household income of $100,000 if married or $75,000 if single, owned at least one financial product and had some retirement savings.
The survey identified respondents as chasers when they agreed with at least two of the following statements:
“I feel like I’ve fallen behind where I should be in saving for retirement”: 85% of chasers agreed, compared with just 4% of non-chasers.
“I worry that if I don’t increase my retirement savings soon, it will be too late for me to have a comfortable retirement”: 85% of chasers agreed, versus 2% of non-chasers.
“I wish there were a way that I could accumulate funds faster to make up for lost time saving for retirement”: 98% of chasers agreed, compared with 41% of non-chasers.
At the same time, 63% of chasers said they could not take the chance of investing in high-risk/high-reward financial products.