According to a recent study by the Hartford Financial Services Group, Hartford, Conn., many older Americans near the age of 65 are pessimistic about their short- and long-term financial future, particularly regarding retirement.
"The economic turmoil of the past few years has taken a major toll on the retirement dreams of those age 60 and older, especially those in their 60s," says E. Thomas Foster Jr., vice president and national spokesperson for The Hartford's Retirement Plans Group. "The financial services industry – financial advisors in particular – need to reach out to their mature clients to help them get back on track."
Twenty-eight percent of respondents ages 60-60 and 33.3 percent of respondents ages 70 and older say they have "no idea" when retirement is possible, the study finds, and 36 percent of respondents ages 60-69 believe retirement will be postponed for up to two years or longer.
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Almost nine in 10 study participants in their 60s worry about having enough money during retirement. In fact, 55.4 percent of respondents plan to work longer or work part time during retirement. Forty-four percent of respondents ages 70 and older agree, the study says, and 17.4 percent of respondents ages 60-69 and 33.3 percent for ages 70 and older say they do not plan to retire.
The poor market and economy has prompted 63.1 percent of respondents ages 60-69 and 66.6 percent of respondents ages 70 and older to reduce their standard of living or expenses, the study finds. Seventy-five percent of study participants in their 60s say their No. 1 retirement financial priority is keeping up with daily expenses.
Older Americans see various views on their greatest retirement risk. For respondents in their 60s, 33.7 percent find a major health problem is the biggest concern while 26.1 percent of respondents believe running out of money is the second major issue. However, study participants ages 70 and older state outliving their money is their largest worry. For that demographic, 22.3 percent of respondents are most troubled about losing their buying power to inflation, 22.1 percent of respondents are most apprehensive about losing money in the financial markets.
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