More than 60% of retirees would go back and plan differently for their retirement if they could, according to a survey by Lincoln Financial Group.
“There aren’t many opportunities for a do-over when it comes to retirement planning. Yet two of the major concerns that retirees voiced in our study — guaranteed income and protection from loss — can be addressed with annuities,” Tim Seifert, senior vice president and head of retirement solutions distribution at Lincoln Financial, said in a statement.
The Radnor, PA-based insurance company surveyed approximately 1,400 adults about their financial plans for retirement; 261 of the respondents were retirees.
Almost 75% of the retirees said that if they could turn back time, they would start saving earlier; 63% said they should have saved more when they had the opportunity. A little more than a third said they would choose investments that supply a steady income stream (36%) and would pay off debts sooner (34%). If they could get a do-over, approximately 25% said that they would have planned better for increased costs due to inflation.
Sixty-one percent of Americans surveyed in a separate study said they are afraid they might outlive their savings, as McKnight’s previously reported.
Lincoln Financial Group found that most of the people surveyed said they would like to have a steady stream of income in their retirement years rather than paring down their assets to pay financial obligations. Sixty-three percent of all respondents reported that they’d like to receive an automatic paycheck each month; 85% said they are interested in investing in solutions that protect them from losses during market volatility.
