Among Americans between the ages of 45 and 65 who are saving for retirement, an online survey of 1,007 adults done last April by Allianz Life reported that 49% are “chasers” – people who
think they need to catch up on their retirement savings and wish there was a way to make up for lost time. The survey reported:
- 90% of active retirement savers agree that accruing enough savings is imperative to their future
- 85% think it’s too late for them to have a comfortable retirement
- Another 85% – chasers – think they have fallen behind on retirement savings:
- 98% wish there was a way to make up for lost time
- 63% believe they can’t gamble on investing in higher risk financial products
- 34% agree that the only way to save enough for a comfortable retirement is to invest in risky financial products.
“Among those Americans actively saving for retirement, our study finds a dramatic difference between those who feel on track and those who feel behind, with this subset wishing for ways to catch up but without taking on too much risk,” says Paul Kelash, Vice President of Consumer Insights at Allianz Life. “While it’s a positive that they are actively saving for retirement, the level of anxiety is concerning, and many are simply not aware of potential solutions to help catch them up.”
Chasers have an average portfolio balance of more than $400,000:
- 54% say that other expenses are interfering with their retirement savings
- 20% say they are saving for other financial goals
- 66% worry they will run out of money in retirement
- 61% think they will need to keep working
Other survey results reveal:
- 53% of chasers have an individual retirement account (IRA)
- 35% own stocks
- 35% own mutual funds
- 53% have a pension
- 28% own an annuity
- 84% are interested in financial products that offer growth potential plus protection against loss
- 71% of chasers are willing to give up on some upside growth potential to have protection from losses.
The bottom line data divulged that a mere 39% of these chasers are working with a financial professional.
