While the optimism index gained just a hair in the fourth quarter from Q3, at +59 compared with +58, retiree optimism was down substantially, losing 23 points to +47. That was driven by a loss of confidence in retirees’ attaining their five-year investment goals, as well as reduced confidence in economic growth and inflation.

At the same time, nonretiree optimism gained 10 points to +63, thanks to improved confidence around employment.

This marks the first time in more than a year that nonretired investors are significantly more optimistic about the investment climate than retirees.

Respondents in the survey, asked if the Federal Reserve should raise interest rates in December or continue to wait, weighed in largely on the side of “wait,” at 64 percent. Just a third said it was time to increase rates.

Although a slight majority of investors (54 percent) said an increase in interest rates wouldn’t make much of a difference to their personal finances, nearly twice as many said it would be bad for them—at 29 percent—as those who said it would be good for them—16 percent.

Investors have an even more negative attitude with regard to how higher interest rates would affect the economy. Forty-eight percent said increased rates would be bad, while just 19 percent said it would be a good thing. Only 30 percent said it wouldn’t make any difference.