Survey of American's Financial Temperature

Laird's Random Missives

How are we feeling about our long-term goals?

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The more I read the trade magazines, the more I see surveys with results like the ones below. This was conducted by Allianz Life this year. If some of it hits close to home, know that you're not alone. Click on each monopoly card to go through to the article.

Nearly 2 in 3 Americans Worry More about Running Out of Money than Death

KEY FINDINGS:

63% more worried about running out of money than death
43% say high inflation contributes to their worry about running out of money
35% say putting portion of retirement savings in a product that provides lifetime income payments was a top solution to their concern about running out of money

Americans Reducing Retirement Savings and Taking on Debt Due to Inflation

KEY FINDINGS:

69% have not been able to contribute to their savings as much due to ongoing inflation
51% have taken on more debt because of inflation
67% are more concerned about paying bills than about their financial future
42% have withdrawn from their retirement savings because of inflation

Nearly Half of Americans Expect Slow Transition into Retirement

KEY FINDINGS:

47% of Americans say they think about retirement as a slow transition away from full-time work
68% say people should expect to work later in life in order to have enough money to retire
15% say they don’t see themselves ever slowing down or retiring

After reading this, if you want help, feel free to reach out to me.

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Cheers,

Laird

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