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Retirement Planning > Saving for Retirement

Allstate: Boomers Sticking To Old Savings Strategies

By Staff Writer

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NU Online News Service, Nov. 28, 2:43 p.m. – Allstate Financial Group, Northbrook, Ill., says the Sept. 11 attacks and recent market volatility seem to have had little noticeable effect on the retirement planning strategies of U.S. baby boomers.

Allstate, a unit of The Allstate Corp., hired Harris Interactive Inc., Rochester, N.Y., to survey 1,004 U.S. residents between the ages of 40 and 55, with annual incomes between $35,000 and $100,000, before Sept. 11. The firm surveyed another 294 U.S. residents who fit the same description after Sept. 11.

Despite market volatility, a possible recession, and the likelihood of a long-term war, 81% of the survey participants told researchers they had no plans to significantly increase the amount of money they are saving for retirement.

Sixty-six percent of those surveyed said they planned to make no change whatsoever to the amount they are saving.

Meanwhile, 74% of survey participants said they had not made significant changes to their investment style after Sept. 11.

Only 10% said they would invest much more conservatively and 3% said they would invest much more aggressively. Thirteen percent of the respondents said they were not sure how the Sept. 11 attacks would affect their savings or investing habits.

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