According to a recent study by the Hartford Financial Services Group, Hartford, Conn., many older Americans near the age of 65 are pessimistic about their short- and long-term financial future, particularly regarding retirement.
"The economic turmoil of the past few years has taken a major toll on the retirement dreams of those age 60 and older, especially those in their 60s," says E. Thomas Foster Jr., vice president and national spokesperson for The Hartford's Retirement Plans Group. "The financial services industry – financial advisors in particular – need to reach out to their mature clients to help them get back on track."
Twenty-eight percent of respondents ages 60-60 and 33.3 percent of respondents ages 70 and older say they have "no idea" when retirement is possible, the study finds, and 36 percent of respondents ages 60-69 believe retirement will be postponed for up to two years or longer.
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