Only 34 percent of Chasers said “investing in high risk/high reward financial products, ” was an option for them. Chasers are more likely to protect their savings as a part of their growth strategy.
Eighty-four percent said they are interested in financial products that offer growth potential with some protection from potential loss. Seventy-one percent of Chasers are willing to sacrifice upside growth potential to have protection from losses.
“Although Chasers will likely need to be more aggressive in order to catch up on their retirement savings goals, they still need to maintain some focus on protection because they are closer to retirement,” noted Kelash. “A financial professional can help them determine the right mix of financial products.”
Only 39 percent of said they are currently working with a financial professional compared to 53-percent of non-Chasers, according to the report. “Working with a financial professional can help Chasers understand how they could take on more risk, yet still have protection in their portfolio,” added Kelash.
Allianz Life Insurance Company of North America conducted an online survey, the Chasing Retirement Study, in April 2018. A nationally representative sample of 1,007 respondents ages 45-65 participated in the study. Respondents had a minimum household income of $100,000 if married or $75,000 if single, who own at least one financial product, and have some retirement savings. The study also included an oversample of 102 Chasers for a total of 1,109 completed surveys.