Ameriprise Study: Retirees Ready, but Reluctant to Spend Savings

While retirees have worked hard to save and invest for their next chapter, new research from Ameriprise Financial finds many of them aren’t tapping their nest eggs. The new study, Making Money Last, reveals only 21 percent of retirees feel confident about drawing down their assets.

Retirees ready, but reluctant to spend savings

Jun 18,2018
Expert Marcy Keckler shares tips to help you feel more confident about drawing down assets in retirement. Learn more about our Making Money Last study.

Ameriprise Study: Siblings Rarely Argue About Money, But When They Do It’s About Their Parents

Minneapolis(June 21, 2017)  According to new research from Ameriprise Financial (NYSE: AMP) released today, only 15 percent of siblings have conflicts over money with their brothers or sisters. The newly unveiled research is part of the Ameriprise Family Wealth Checkup study, which surveyed 2,700 Americans, including more than 1,900 with siblings, between the ages of 25-70. The latest findings examine siblings’ communication, financial disagreements, and perceptions of each other when it comes to managing money.

Ameriprise Study: Family Financial Discussions Go Smoother Than Anticipated, But Unrealistic Inheritance Expectations Persist

According to new research released by Ameriprise Financial (NYSE: AMP), more than half (52%) of Americans say they feel extremely or very confident about their family’s financial future. Their secret: regular family conversations about money. Families with the most financial confidence say they cover a variety of topics including long-term financial goals, retirement and estate planning. The Family Wealth Checkup study surveyed 2,700 Americans between the ages of 25-70, revealing how families navigate financial communication and the challenges they encounter along the way.

Financial Risk & Investor Attitudes Study

Ameriprise Financial (NYSE: AMP), today unveiled new research on how U.S. investors perceive financial risk and how those feelings shape investment decision-making. The Financial Risks & Investor Attitudes study uncovered that a vast majority of respondents (73%) tend to avoid risk entirely or weigh risk very carefully when engaging in financial decisions. With the recent market volatility as a backdrop, these respondents admit that by taking a more proactive role in their financial education and investing strategies, they could better understand and embrace a level of financial risk that could potentially benefit their portfolios. 
“Investing for the long-term, while also trying to navigate market swings, is one of the biggest challenges facing investors,” says Marcy Keckler, vice president of Financial Advice Strategy at Ameriprise. “Whether you are an experienced investor or beginning to build your retirement nest egg, having a comprehensive financial plan and understanding how risk factors into your plan can help build financial confidence.”

Retirement 2.0 Study

 Ameriprise Financial (NYSE: AMP), today released the results of the new Retirement 2.0SM  study, revealing that the majority of Gen Xers (76%) report proactively planning for their retirement, with eight in 10 (79%) respondents currently saving through a 401(k) plan, and seven in 10 (69%) investing in an IRA or similar account.

The Retirement 2.0 study, which surveyed more than 1,500 Americans between the ages of 35-50 with at least $100,000 in investable assets, took a comprehensive look at how Gen X is approaching retirement. The study also explored how they have invested and saved for this major milestone; and how they expect to spend their retirement years. Encouragingly, the study found that Gen Xers began planning for retirement early and started saving at the average age of 26. They anticipate relying on their 401(k) accounts (42%) or IRAs (29%) as their main sources of income during retirement, while pensions (14%) and Social Security (5%) are expected to take a back seat as primary sources of retirement funding.

Retirement Triggers Study

Choosing to retire is the biggest financial decision most people will make during their lifetimes, and numerous factors influence how and when an individual chooses to pull the retirement trigger. The Retirement Triggers study, commissioned by Ameriprise Financial, examines the financial and emotional aspects of retirement preparation that recent retirees say led them to have the confidence to officially enter retirement.

We asked for input from the first wave of retiring baby boomers to understand how various actions, plans and life events played a role in making the decision to leave their primary profession. After hearing from 1,000 respondents who have been formally retired for five years or less, we learned more about the elements within their careers, families, social circles and bank accounts that led them to have the confidence to retire.

Health, Wealth and Retirement Study

Countless unknowns accompany planning for retirement. Economic conditions, long-term market performance and inflation are all uncertainties that baby boomers grapple with as this milestone draws near. But one of the most pressing — and indeed most personal — issues people will contend with on their path to retirement is the state of their health.

Recent changes in health care policy stemming from the enactment of the Affordable Care Act have put a spotlight on the rising cost of health care in the United States. Around the country, Americans are sorting out how much money they need to set aside to cover health care related expenses, and how they’ll keep pace with future increases.

Women and Financial Power Study

Women are continuing to gain more and more power economically, politically and socially. Today there are three times as many women earning college degrees than in 1970, and 71 percent of mothers with children under age 18 are working.1 Only 40 years have passed since the Equal Credit Opportunity Act made it illegal for lenders to discriminate based on gender, and the number of women-owned businesses rose 44 percent between 1997 and 2007 – and has likely continued to grow since then.2

But when it comes to household finances – saving for retirement, managing budgets and making insurance and investment decisions – how are women involved, and what motivates their role in making financial decisions? That is what the Women and Financial PowerSM study set out to understand. The data uncovered that nearly every American woman surveyed is influencing these decisions or making them on her own; and those women nearing retirement, one of life’s biggest milestones, are most engaged in and confident about their finances.

Financial Trade-Offs Study

Americans juggle multiple financial goals through various life stages, but it can be a challenge for many to strike a balance between pursuing short-term needs and wants while saving for the future. People of all ages and incomes make lifestyle choices that affect their immediate financial situation — and often these decisions have long- term effects.

We conducted the Financial Trade-Offs study among three generations of Americans to discover which financial needs and goals they prioritize, and which trade-offs they consciously make to meet these goals. What we found is that most people say they are generally willing to make trade-offs today in order to save for tomorrow. However, their financial actions — and the bills they have yet to pay — suggest they may not always be thinking about what will have the biggest long-term impact.