Stress, tension common feelings associated with retirement prep

Posted on: Tuesday, April 09, 2013

Many insurance customers can't help but feel wracked with anxiety and apprehensiveness when they think about retirement savings and financial preparation for life after work, a new poll has found.

According to the survey, which was conducted by investment firm Franklin Templeton, approximately four in every 10 Americans say that when they're readying their economic situations for retirement life, they often worry that what they wind up saving will turn out not to be enough by the time they turn age 65, the traditional age in which people leave the workforce for good.

In fact, more than two-thirds of respondents said that they'd willingly alter their lifestyle now if they knew that by doing so they would live better in retirement.

When respondents were asked what they would do if by the time they reached retirement they didn't have the finances to stop working, 62 percent of respondents said that they fix the situation by working a bit longer. However, researchers point out that many people don't have this luxury, as due to staff cutbacks or health complications, some people are forced to quit their employment positions.

Michael Doshier, vice president of retirement marketing at the investment firm, noted that these situations are crucial for insurance agents to address, as the way in which insurance professionals handle the situation can help their clients realize what their options are, thus reducing their feelings of stress.

April happens to be Stress Awareness Month. Officially recognized as such for more than 21 years, the annual occasion is sponsored by the Health Resource Network. Mental health experts use it to better inform people about the consequences of not addressing high anxiety and how it can affect their everyday lives.

Posted In: Insurance News, Life Insurance

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