As the recession drags on, consumer concern about finances for retirement has reached an all time high. While about 49% of workers plan to retire at or before age 65, 84% are actually retired at that age because of downsizing, health problems or other-work related problems. The change in employment status has left many consumers with a shortage of funds for their retirement years.
As retirees look for ways to handle the shortfall in finances, some are returning to lower-paid jobs and moving to low-cost areas. Others are focused on the following:
- 25% are saving more money
- 25% are turning to financial professionals
Remind your financial planning clients that consumers need help to manage their retirement. But they are concerned about the trustworthiness of financial institutions and investment companies. Key points to emphasize in ad campaigns are reputation, past performance and credit ratings.[Source: 2009 Retirement Confidence Survey, Employee Benefit Research Institute, 2009]