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Illness, job loss trump market volatility as retirement obstacles
Boomers cite unexpected situations that could affect savings
| MINNEAPOLIS (Dec. 10, 2008) – The proverbial retirement nest egg isn’t all about the stock market after all. The two unexpected situations that American baby boomers say are most likely to wreak havoc with their retirement savings are “an illness” and “losing my job,” according to a recent survey of 947 American adults age 45-64. A “dive in the stock market” finished a distant fourth behind a “death in the immediate family.”
The poll, conducted for Thrivent Financial for Lutherans in the midst of market turbulence Oct. 20-23, found nearly three in five Americans (58 percent) named illness as an unexpected situation that might impact their retirement plan and savings. Women were slightly more likely than men (60 percent vs. 56 percent) to worry about illness disrupting their retirements. The shaky U.S. economy is playing a role as well. Half of respondents (48 percent) reported losing their job as an unexpected hurdle that could affect their retirement finances. Younger boomers, age 45 to 54, were 25 percentage points more likely to name this concern than older boomers, age 55 to 64 (59 percent vs. 34 percent). A death in the immediate family, the ultimate life challenge, was named by 28 percent of respondents as a situation that might impact their retirement plan and savings. Those who were married were more likely to reference death than were single individuals (33 percent vs. 18 percent). “Illness, job loss and death can devastate Americans’ retirement finances without proper planning,” stated Jane Zilch, vice president of distribution strategy programs for Thrivent Financial. “Fortunately, various insurance and savings products can help protect individuals and families against the unexpected so that they and their loved ones may have a more financially secure future.” One in four Americans (26 percent) referenced a dive in the stock market as a situation that could affect their retirement savings. The higher a boomer’s household income, the more likely he or she was to reference the stock market as a concern. Ten percent of those with incomes of less than $25,000, 20 percent of those with incomes of $25,000 to $49,999, 30 percent of those with incomes of $50,000 to $74,999, and 33 percent of those with incomes of $75,000 or more highlighted a plunging stock market as a retirement concern. “No investment is without risk,” notes Zilch, “but proper diversification and asset allocation can help investors manage risk as the market goes through various cycles. Preparing for the unexpected is not only smart, it is necessary. A financial professional can be an invaluable ally in this process.” About the Thrivent Financial Market Volatility Survey Data for this survey was collected via eNation online interviews by Synovate. Interviewing took place between Oct. 20-23, 2008, among a nationwide cross section of 947 U.S. adults age 45 to 64 of whom 47 percent were male and 53 percent were female. About Thrivent Financial for Lutherans Thrivent Financial for Lutherans is a Fortune 500 financial services membership organization helping nearly 3 million members achieve their financial goals and give back to their communities. Thrivent Financial and its affiliates offer a broad range of financial products and services including life insurance, annuities, mutual funds, disability income insurance, bank products and more. As a not-for-profit organization, Thrivent Financial sponsors national outreach programs and activities that support congregations, schools, charitable organizations and individuals in need. For more information, visit www.thrivent.com. -END- 200805317 |
| Contact Information: | |||||
| Brett Weinberg Director, Public Relations brett.weinberg@thrivent.com Phone: (612) 844-4272 | Dave Rustad, APR Senior Media Relations Specialist dave.rustad@thrivent.com Phone: (612) 844-7037 | Stacy Eckes-Borys Senior Media Relations Specialist stacy.eckes-borys@thrivent.com Phone: (920) 628-2445 | |||
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