CHICAGO, IL--(Marketwired - Feb 6, 2014) - While many headlines say Americans aren't saving enough for retirement, a new Spectrem Group report shows that most investors believe they're financially set to retire comfortably.
The Retirement Income Gap Solution examines investors who have already retired and those who are still working but approaching retirement. While it makes sense that the wealthiest investors feel financially set for retirement, even a majority of investors with less than $50,000 in annual income believe they will be able to live at the lifestyle level they have attained while working.
The study -- both online and in focus groups -- included retirees or those within three years of retirement and excluded anyone with a pension expected to provide retirement income. All focus group participants were required to have at least $300,000 in retirement savings but no more than $2.5 million.
Significant findings include:
- Almost three quarters of retirees said they are living a lifestyle consistent with their pre-retirement standard of living.
- Just under one half of respondents said they are no longer impacted by the recession financially, but a very high majority said they were concerned that an extended market downturn could impact their monthly income.
- Retired investors primarily rely upon their income from investments while those currently working own an annuity and plan to rely on income from that during retirement.
"During times when the stock market is thriving and the economy seems to be on an upswing, investors have positive feelings about their retirement plans," said Spectrem Group President George H. Walper, Jr. "It is revealing that almost all the investors professed a concern about a significant market downturn, which would seem to indicate that the positive feelings about retirement funds are not set in stone."
Additional insights include:
About Spectrem Group
Spectrem Group (www.spectrem.com) strategically analyzes its ongoing primary research with investors to assist financial providers and advisors in understanding the Voice of the Investor.
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Spectrem's Millionaire Corner website (www.millionairecorner.com) provides information for investors about investors. With its Find an Advisor service, investors are able to search for financial and investment advisors to assist in growing their wealth.
Charts, full methodology and summary insights available upon request; public use requires written permission from Spectrem.
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