Americans aged 45 and older say meeting their daily expenses for food, shelter and other basic needs is their number one financial concern in retirement. More than 65% of those surveyed in summer 2009 by The Hartford Financial Services Group said daily expenses dominated their concerns, up from 50% in 2008 and 25% in 2007. More than one-third (34.4%) said they were “not at all confident” that income from their employer-sponsored pension plan would be guaranteed in retirement, and 82.7% said they were less than confident in their financial planning knowledge and abilities. Of those who had financial plans for retirement, 40% said they relied on independent financial advisors, 19% turned to bank representatives, 16.5% favored securities firms, and 10.2% looked to their insurance agent. Hartford Financial Senior Vice President Jamie Ohl said, “Increasingly, people fear they may face serious financial issues in retirement. People that have taken the time to plan for their retirement are generally in a better place financially and are significantly more optimistic about the future.”
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