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The SunAmerica Retirement Re-Set Study; Redefining retirement post recession

July 14, 2011 Comments off

The SunAmerica Retirement Re-Set Study; Redefining retirement post recession (PDF)
Source: SunAmerica Financial Group

Pre-retirees and retirees suffered significant financial losses in the recession, and vast numbers have not recovered even today. One-third say their financial assets have not yet recovered to pre-recession levels. Almost half of study participants say their homes are worth less now than they were before the recession.

Financial losses are easily measured in stock charts and home prices, but the psychological costs of a recession are just as real. In fact, anger, worry, and financial insecurity remain pervasive. Anger about financial losses peaked during the recession at 43%, and 28% report still being angry about their financial situation.

Far more people are worried about their financial situation compared to the years before the recession (39% versus 28%). And while a majority (62%) felt financially secure before the recession, today only 44% feel secure.

Yet, despite the hardships and turmoil of the last several years, Americans also demonstrate a strong resourcefulness and resilience. Far from giving up, they remain confident they can overcome their challenges and find a new path to financial security. Although the percentage who report being hopeful about their financial situation dipped slightly to 50% during the recession, it has now recovered to near pre-recession levels (60%).

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