Well, here's is what the survey said:
Older Americans Want Financial Peace of Mind
Financial peace of mind is now six times more important than accumulating wealth to Americans 55 and older, with 82% saying it is their key financial goal, a survey conducted for SunAmerica Financial Group found.
Almost two-thirds of respondents said they want investments that are guaranteed not to lose value and 60% seek to protect their income from market loss.
SunAmerica president and chief executive Jay S. Wintrob said as a result of the economic downturn, "the appetite for risk has clearly diminished. As Americans approach and enter retirement over the next decade, their need for asset protection, risk management and lifetime income solutions will take on even greater significance."
The survey found that nearly half of those who are retired did so earlier than they had planned; of that group, 41% did so because of unexpected health problems and 19% due to a loss of employment.
Nearly half of the respondents used a professional financial advisor to assist with their retirement planning, and two-thirds of them believe their advisor was very helpful.
One issue facing those at the younger end of the survey participants is "unexpected multi-generational family assistance." They have to balance their own retirement planning with the possibility of needing to support their aging relatives, adult children, grandchildren and/or siblings. Nearly half of the respondents said they expect to have to support one or more of the above, with 7 in 10 believing they will need to give their adult children financial assistance; 62% expect to do the same for the grandchildren.
--------------------------I guess I fit this. I'm not helping mom financially, but with billpaying and keeping up with her records. My kids are self-supporting; thank you Lord that they are responsible adults. Grandkids: would love to set them up with college funds, but when all is said and done, I'm thinking how do I pay for my husband and mine living expenses if we live another 35 years or so. I want security, I want peace of mind that we won't be on the street. So yes, I'm part of this survey. How about you. leave your comments.
Almost two-thirds of respondents said they want investments that are guaranteed not to lose value and 60% seek to protect their income from market loss.
SunAmerica president and chief executive Jay S. Wintrob said as a result of the economic downturn, "the appetite for risk has clearly diminished. As Americans approach and enter retirement over the next decade, their need for asset protection, risk management and lifetime income solutions will take on even greater significance."
The survey found that nearly half of those who are retired did so earlier than they had planned; of that group, 41% did so because of unexpected health problems and 19% due to a loss of employment.
Nearly half of the respondents used a professional financial advisor to assist with their retirement planning, and two-thirds of them believe their advisor was very helpful.
One issue facing those at the younger end of the survey participants is "unexpected multi-generational family assistance." They have to balance their own retirement planning with the possibility of needing to support their aging relatives, adult children, grandchildren and/or siblings. Nearly half of the respondents said they expect to have to support one or more of the above, with 7 in 10 believing they will need to give their adult children financial assistance; 62% expect to do the same for the grandchildren.
--------------------------I guess I fit this. I'm not helping mom financially, but with billpaying and keeping up with her records. My kids are self-supporting; thank you Lord that they are responsible adults. Grandkids: would love to set them up with college funds, but when all is said and done, I'm thinking how do I pay for my husband and mine living expenses if we live another 35 years or so. I want security, I want peace of mind that we won't be on the street. So yes, I'm part of this survey. How about you. leave your comments.
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