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A new study confirms that for a second year in a row, baby boomers remain more attracted to guarantees for their retirement savings vs. the potential high returns with a market risk. Prior to the nation’s financial crisis that began in 2008, baby boomers sought high returns when investing. Now, respondents by a nearly 4 to 1 margin seek guarantees and financial stability.
The study is by Allianz Life Insurance Co. of North America and was released this month. Originally conducted in May 2010 with more than 3,200 people age 44-75, the refresh of Reclaiming the Future surveyed 439 of the same participants in March 2011—when the Dow Jones Industrial Average reached its highest point in nearly two years—to determine how attitudes about retirement planning have changed. Despite the recovery, the study reveals that boomers still have high anxiety about whether their retirement income will last and how prepared they are for the future. Their “new normal” mindset includes expectations of a sluggish economy, low investment returns, a more conservative investing strategy, expectations of delaying retirement and an increasing interest in seeking help from financial professionals.
“Despite a significant rebound in the equity markets since the financial crisis, this new study confirms that a ‘new normal’ mindset has dug deep roots in the minds of boomers,” said Allianz Life President and CEO Gary C. Bhojwani. “With the vast majority still in favor of more security for their savings, boomers tell us they are not interested in going back to return-chasing behaviors.”
At Compass Quote, our trained professionals can help lead you—whether a boomer or just starting out—to the best policy that meets your needs and current status. We are licensed in all 50 states. Give us a call or complete our free quote today to get started on the stability in life you crave. Also take a look at our income replacement calculator, a very helpful tool to determining your life insurance needs.
Albert is a term life insurance expert and provides great insight for people looking to get the most out of their life insurance policy.
