Turmoil in the markets has altered the focus and behavior of Americans when it comes to retirement, according to results from a new study from AXA Equitable. Seventy-eight of those surveyed listed income guarantees “as a top financial priority,” compared with 52 percent from a similar poll in April, the company reported. The October study also showed that 71 percent of respondents put a “priority on protection from outliving retirement savings,” up from 59 percent in April.
“It’s no surprise that attitudes and behaviors have changed, especially given the period of economic instability we’re experiencing,” observes Barbara Goodstein, evp and chief innovation officer for AXA. “What is striking, however, is the heightened priority being placed so quickly on securing a stream of lifetime income.” Despite these increased concerns, 54 percent of the study participants said they hadn’t made changes in their financial positions.