MINNEAPOLIS–(BUSINESS WIRE)– While Monday morning quarterbacks are busy replaying Sunday’s game between Indianapolis and New Orleans, they are also re-evaluating how they would have played their financial planning strategy during the financial crisis. According to a recent survey* from Allianz Life Insurance Company of North America (Allianz), non-retired, 35- to 64-year olds are 20 percent more likely to call a “reverse” on their course of action than retired people and those more than 65 years old, who are significantly more likely to “stick to the same game plan” (70 percent).
“This financial upheaval should be a wake-up call that small things can add up and that it’s never too late to begin saving for retirement,” said Allianz Chief Marketing Officer Nancy Jones. “A product that offers guaranteed lifetime income, such as an annuity, can be a great defensive play in planning for retirement.”
In a Synovate Research survey, 1,000 respondents responded to questions about what they would have done differently regarding their savings, retirement and financial planning related to the financial crisis.
When asked if they anticipate having enough savings to get across the goal line for retirement, only two out of five respondents expect to make it. While 18 percent believe it will be “an easy touchdown – I should make it comfortably,” 36 percent believe they will not be in position to get by, indicating that they anticipate being “sacked – I think I’m going to come up short” (17 percent), or needing a “Hail Mary – it’s going to take a miracle” (19 percent). The remaining 22 percent of respondents think their financial future will be “a coin flip – probably 50-50.”
In addition, 61 percent chose to look at their retirement savings since the financial crisis negatively, selecting “tackled for a loss” (32 percent), “false start” (15 percent) and “bomb” (14 percent) to best describe their situation in football terms.
When asked about looking back on their game plan for building up their savings, 86 percent said they would have done things differently, such as dining out less (28 percent) or bringing their lunch to work (19 percent).
When comparing their future plans to star football players, few respondents plan to retire early, like Barry Sanders (15 percent). Instead, most feel they are either going to have a tough time retiring, like Brett Favre (47 percent), or will only be able to retire with enough money after a long career, like John Elway (38 percent).
Overall, respondents ages 65 and up, in higher income households, and in households without children feel more positively about retirement and their savings. Middle-aged households, lower-income households and those with children have a more negative outlook of their savings than their younger, older and higher-income counterparts.
For guidance with your retirement planning, visit a qualified financial professional. Allianz offers a variety of interactive calculators designed to help people experiment with different saving and financial strategies. Visit www.allianzlife.com/GetInformed/PlanningForLife.aspx for more information.
Founded in 1896, Allianz Life Insurance Company of North America provides an array of annuities and life insurance products in the U.S. through a nationwide network of independent distribution. The company is part of Allianz SE, a global financial services organization that is the 20th largest company in the world based on revenue (Fortune Global 500, August 2009), employing nearly 155,000 people worldwide.
*Allianz Life Insurance Company of North America conducted an eNation survey (+/- 3.1% margin of error) through Synovate Research in February 2010 with 1,000 respondents. Full results are available upon request.
Laurie Bauer, 763-765-6174
Source: Allianz Life Insurance Company of North America