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In the Face of a Potential Recession, Americans Feel Unprepared for Retirement and Are Looking for Protection

Half of consumers are more interested in protecting their retirement income since the start of the pandemicNew research paper from the Retirement Income Institute finds investors with professionally managed retirement investments perform better in adverse market conditions WASHINGTON, Sept. 28, 2022 /PRNewswire/ -- As the drumbeat of a potential recession grows louder and Americans continue to face the aftereffects of the pandemic, the number of Americans who believe their retirement savings and sources of income will not last them throughout their lifetime is on the rise. According to the third Protected Retirement Income and Planning Study from the Alliance for Lifetime Income and CANNEX, less than half of respondents (48%) believe their retirement savings and sources of income will last them throughout their lifetimea??a 13% drop from a year ago. However, among those who have an annuity, 74% believe their savings and sources of income will last their lifetime, compared to only 43% for those without an annuity.
In the Face of a Potential Recession, Americans Feel Unprepared for Retirement and Are Looking for Protection


Nearly two thirds of consumers worry about their finances several times a month or more; one quarter worry about their finances every day



Only 35% of consumers believe they will be able to fund their "wants" in retirement



Nearly a third of those not yet retired believe there is risk that they will be forced to retire early for reasons beyond their control



Half of consumers are now more interested in protecting their retirement income since the start of the Covid pandemic

The survey reveals a notable lack of financial preparation for the future. Despite mounting economic concerns, nearly one quarter of consumers don't have any kind of financial plan and another quarter (28%) have an overall direction in mind, but no financial plan to get there. Nearly half of non-retired consumers ages 45-75 are saving less than 10% of their annual income for retirement. Among those not yet retired and who are advised by a financial professional, only three out of 10 have both talked with their financial professional and have a plan in place in the event they retire early.
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