While U.S. markets rebounded in 2023, retirement age investors
are still prioritizing strategies for generating reliable
retirement income and protecting their nest eggs against
volatility, according to the Global Atlantic 2024 Retirement
Outlook Survey, a new study from Global Atlantic Financial
Group (“Global Atlantic”). Nearly two-thirds (61%) of respondents
would rather protect their assets than try to grow them, but only
half (54%) believe they are adequately protected from a market
downturn.
The December 2023 study surveyed retirement age investors (ages
55 to 75) who work with financial professionals and have investable
assets between $250,000 and $1 million. It revealed investors rate
investments that provide stability, protection, a steady income
stream, and guaranteed retirement income over investments that come
with more risk.
The study suggests that scars from the 2022 downturn, when the
S&P 500 sank more than 18%, are still fresh for many, and
investors remain focused on strategies for generating reliable
retirement income and protecting their savings against
volatility.
A full 65% of survey respondents cited "creating a retirement
income plan that provides income for as long as I live" as one of
their top two financial priorities and nearly half (48%) ranked
"protecting assets from loss" as one of their top two primary
investing goals, even with the S&P 500 gaining in 2023.
Eight in 10 investors (81%) said protecting investments while
they grow by limiting downside risk is important, and two-thirds
(69%) said their financial professional has offered strategies to
insulate from investment losses. The study found that nearly half
(47%) of respondents had discussed annuities with their financial
professional in the past year. Of those that did, 30% purchased a
new annuity, while almost 22% allocated more to an existing
annuity.
“Asset allocation is a core component of any conversation
financial professionals have with their clients,” said Paula
Nelson, Head of Strategic Growth for Individual Markets at Global
Atlantic. “But we believe these conversations should expand beyond
a typical stock and bond allocation and include a broader range of
products and strategies, such as annuities and the numerous other
ways to diversify client portfolios.”
According to the study, financial professionals are proving
adept at guiding clients through challenging environments. The
study revealed an 84% satisfaction rate with financial
professionals in 2023, as investors lean heavily on professional
advice to navigate lingering economic crosscurrents.
“With multiple domestic and global events impacting the market,
we think it is more important than ever for financial professionals
to have regular and meaningful conversations with their clients
about income protection,” Nelson added. “There is undoubtedly a
great deal of uncertainty among retirement-age investors, and the
survey findings highlight that those nearing or already in
retirement understand the overall importance of these topics.”
You can read more details about the Global Atlantic 2024
Retirement Outlook Survey here:
https://www.globalatlantic.com/professionals/allocationconversation/insights
About Global Atlantic
Global Atlantic Financial Group is a leading insurance company
meeting the retirement and life insurance needs of individuals and
institutions. With a strong financial foundation and risk and
investment management expertise, the company delivers tailored
solutions to create more secure financial futures. The company's
performance has been driven by its culture and core values focused
on integrity, teamwork and the importance of building long-term
client relationships. Global Atlantic is a wholly-owned subsidiary
of KKR, a leading global investment firm. Through its relationship,
the company leverages KKR's investment capabilities, scale and
access to capital markets to enhance the value it offers clients.
KKR's parent company is KKR & Co. Inc. (NYSE: KKR).
Annuities are issued by Forethought Life Insurance Company, 10
West Market Street, Suite 2300, Indianapolis, Indiana.
Registered products are underwritten and distributed by Global
Atlantic Distributors, LLC. Neither this press release nor the
Global Atlantic 2024 Retirement Outlook Survey is, and
neither shall be construed as, an offer to sell insurance in any
jurisdiction. These materials are intended to provide educational
information regarding the market for retirement and life products
generally and are intended for use with the general public. These
materials should not be considered, and do not constitute,
personalized investment advice.
The “S&P 500® Index” is a product of S&P Dow Jones
Indices LLC or its affiliates (“SPDJI”) and has been licensed for
use by Forethought Life Insurance Company (“Forethought”).
S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX®
are trademarks of S&P Global, Inc. or its affiliates
(“S&P”); Dow Jones® is a registered trademark of Dow Jones
Trademark Holdings LLC (“Dow Jones”) and these trademarks have been
licensed for use by SPDJI and sublicensed for certain purposes by
Forethought. Forethought’s Products are not sponsored, endorsed,
sold or promoted by SPDJI, Dow Jones, S&P, their respective
affiliates and none of such parties make any representation
regarding the advisability of investing in such product(s) nor do
they have any liability for any errors, omissions, or interruptions
of the S&P 500® Index.
Global Atlantic Financial Group (Global Atlantic) is the
marketing name for The Global Atlantic Financial Group LLC and its
subsidiaries, including Accordia Life and Annuity Company,
Commonwealth Annuity and Life Insurance Company, Forethought Life
Insurance Company and Global Atlantic Re Limited. Each subsidiary
is responsible for its own financial and contractual obligations.
These subsidiaries are not authorized to do business in New
York.
About the Survey Methodology:
The nationwide Global Atlantic 2024 Retirement Outlook
Survey was conducted online by Artemis Strategy Group from
December 8 to December 29, 2023 among 1,018 investors with $250K to
$1M in investable assets, ages 55 to 75 who work with a financial
professional. Data is weighted on region and by age group on
gender, race/ethnicity, assets, and education to reflect the
population ages 55 to 75 with $250,000 to $999,999 in savings or
investments based on the Federal Reserve 2021 Survey of Household
Economics and Decision-making (SHED).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240501820718/en/
Brian Ruby, Partner, ICR 203-682-8268, Brian.Ruby@icrinc.com
Adam Gerber, Account Supervisor, ICR 203-682-8389,
Adam.Gerber@icrinc.com
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