Kiplinger-ATHENE Poll: Retirees Worried About Money


A bear market combined with market volatility has led to a shift in perceptions about what constitutes a safe retirement, according to a new national survey by Kiplinger and retirement services company Athene. Top concerns for retirees and semi-retirees include potential recession, Social Security’s financial security, health care cost and inflation.

The majority of respondents say that having a more guaranteed income in retirement would ease their concerns about running out of money. However, the vast majority of current retirees report high levels of satisfaction and happiness. Retirees are generally confident about their financial future, with 70% saying they expect to have enough income to live comfortably, and 66% saying they are confident they won’t run out of money in retirement. However, the contestants are less optimistic. Less than 55% of respondents who have not yet retired expressed confidence that their money would not run out at some point.

The survey targeted retirees and retirees with a net worth of at least $100,000. Average household net worth (excluding initial residence) was $369,979 for retirees and $322,506 for retirees. The relatively high net worth is one possible reason that financial confidence in this survey is higher than is reflected in other retirement confidence surveys.

Retirees are somewhat more positive about stock market volatility than retirees. Nearly half (49%) of retirees are concerned that stock market volatility could cause serious economic distress at retirement (versus 64% of retirees). About 68% of retirees say they do nothing (and wait) for a response to the fluctuations this year (versus 60% of retirees).

Among retired respondents, 83% have already claimed Social Security benefits, with an average claim rate of 63. For 43% of these respondents, Social Security provides 50% or more of their annual retirement income. The most important sources of fixed income for current retirees (outside of Social Security) include the employer’s pension; Income from dividend-paying bonds, stocks, and REITs; CDs and savings accounts. and pensions. More highlights from the survey:

Are you worried about the following economic issues in retirement?

Graph of survey results


Kiplinger

Are you worried that inflation could cause you serious economic hardship when you retire?

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Kiplinger

How confident are you that you won’t run out of money in retirement? *

Graph of survey results


Kiplinger

Which of the following would you not worry about if more of your retirement income were secured?

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Kiplinger

Which of the following strategies most closely matches the way you currently withdraw or plan to withdraw money from retirement savings each year? *

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Kiplinger

Which of the following sources of income do you receive or expect to receive at some point? †

Graph of survey results


Kiplinger

methodology

We surveyed 818 Americans aged 50 and older (evenly split between retired and retired). Respondents net worth was at least $100,000, and average household net worth (excluding initial residence) was $369,979 for retirees and $32,506 for retirees. About half of the respondents were men and the other half were women. Qualtrics conducted the survey from June 21 to June 24, 2022. The error rate is 3.4% with a confidence level of 95%.

* Numbers do not reach 100% due to rounding.
† Respondents were asked to indicate all that apply.

The opinions and opinions expressed here are those of the author and do not necessarily reflect the views and opinions of Nasdaq, Inc.



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