Retirees Juggle Savings, Family Needs and Stability

Pre‑retirees and retirees are juggling competing priorities that are reshaping how they approach retirement savings, according to two recent surveys that highlight a gap between optimism and concrete protection measures.

Survey shows low uptake of income‑protection strategies

The Nationwide Financial Growth & Protection Index surveyed 2,000 adults aged 22 and older from May 1‑14. While 70% of respondents believe they could improve their financial situation over the next five years, and 59% expect their income to rise, only 30% have taken steps to safeguard against income loss from illness or injury. A further 27% said they would have no financial safety net if the household’s primary earner could no longer work.

Despite modest adoption of protective measures, 74% said they would be more inclined to work with a financial adviser who could help mitigate such risks. The study also revealed a strong preference for stable retirement income: 81% would rather have a guaranteed, predictable stream than pursue higher‑growth investments, yet just 24% reported using products designed to reduce market risk.

“Our findings suggest retirement planning is entering a new chapter,” said Craig Hawley, president of Nationwide Annuity. “Building wealth remains essential, but consumers also want confidence that their savings can support them through market volatility, longer lifespans and life’s unexpected challenges.”

Family obligations influence retirement decisions

IRALogix, a retirement‑focused fintech firm, conducted a separate survey of 1,108 U.S. adults aged 25‑74 between June 24‑28. The data indicated that 75% would financially assist a loved one even if it delayed their own retirement by up to five years. Moreover, 81% felt personally responsible for helping a close family member facing serious hardship, and 88% sensed some pressure to provide support despite limited resources.

“People don’t experience their financial lives in separate categories,” said Peter de Silva, CEO of IRALogix. “Retirement planning doesn’t happen in one bucket while family responsibilities happen in another. For many Americans, those priorities unfold simultaneously.”

Adults aged 45‑60 reported the strongest sense of responsibility toward relatives and the greatest willingness to make financial sacrifices. This age group often coincides with peak earnings, higher retirement contributions, and caregiving duties for aging parents or adult children.

Stress related to family duties was evident.

Only 9% reported discussing financial expectations before problems arise, even though 60% said these responsibilities create tension within families.

Advisors see opportunity in broader financial‑wellness approach

The findings suggest a clear opening for financial advisers and workplace retirement plan providers to expand their services beyond traditional investment advice. Incorporating emergency‑savings strategies, income‑protection products, and multigenerational planning could address the linked concerns highlighted by both surveys.

Employers might consider offering education on disability insurance, long‑term care coverage, and flexible contribution options that allow employees to adjust savings in response to family obligations. Such measures could help bridge the gap between the desire for stable retirement income and the current lack of protective mechanisms.

Ultimately, the data points to a shift in how Americans view financial success: stability and the ability to support both personal retirement and family needs are increasingly connected. As changing demographics evolve, the financial industry will need to adapt its tools and guidance to meet these complex, overlapping demands.