Sixty-five percent of Americans say they now are paying more
attention to what they are saving and spending, and 58% have cut back on their
spending, according to a new retirement risk readiness survey of more than
1,000 Americans aged 25 years and older.
Results of the survey, conducted in December by Allianz Life
Insurance Co. of North America, also showed that the pandemic has motivated
those closest to retirement to become more active in reviewing their current
retirement planning activity. Compared with the year before the pandemic began,
more near-retiree respondents said they had taken steps this year to save
enough in a retirement account (29% versus 23% in 2020); diversify their
retirement savings (42% versus 27% in 2020); research expenses and risks
associated with retirement (43% versus 35% in 2020); and make a formal plan
with a financial professional (37% versus 29% in 2020).
In a similar vein, more than 30% of employees increased
their retirement savings last year, despite the year’s economic uncertainty.
That’s according to another survey of more than 1,000 Americans aged 25 to 70
conducted by Greenwald Research on behalf of TIAA.
“Black swan events like this global pandemic are often the
trigger that convinces people they need to take a more proactive approach to
managing risks that may come in retirement,”
said Kelly LaVigne, vice president of consumer insights at Allianz Life.
“In that respect, it is encouraging to see that many Americans are taking this
as a wake-up call and adding more risk management measures, including sources
of guaranteed and supplemental retirement income, into their retirement
planning process.”
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