2020 has left nearly a third of seniors with financial problems, new AAG poll shows

“Seniors make up our entire customer base, so it was important for us to understand how the events of the last year affected their well-being,” said AAG’s Marketing Director. Martin Lenoir. “This study showed us that not only are seniors still recovering from last year, but they have a different view of the importance of their home. Perhaps now is the perfect time for them to close the gap and use their home equity to regain the peace of mind they had in years gone by. “

How 2020 impacted American seniors:

  • For many seniors, 2020 has impacted their future as much as their daily lives. Almost a third of seniors (30%) said the events of 2020 had a negative impact on their retirement plans.
  • Last year, many older people had to draw additional income to finance their daily lives. More than one in five seniors (21%) said the events of 2020 caused them to withdraw additional funds from one or more of their retirement accounts.
  • The COVID-19 pandemic has forced all American seniors to stay at home for most of the year, making many feel increasingly safe at home. More than one in four seniors (28%) reported feeling safer at home in 2020 than in previous years.
  • With the increase in time spent at home, most older people no longer feel like moving. More than half of American seniors (55%) said they plan to live in their current home forever.
  • Despite the negative effects 2020 has had on seniors’ finances and the urge to stay in their homes, seniors have failed to recognize the use of home equity as a prominent financial tool. Seniors ranked access to home equity as the fifth out of seven options for improving their finances.

To read the full results of the AAG Post-2020 Retirement Survey, visit the link below:

The AAG Post-2020 Retirement Survey was conducted on January 27, 2021, and included 1,521 participants. Answers include many formats, including yes and no answers, ranking preferences, and multiple choice answers. The survey was conducted on a digital platform so that participants from all regions of United States could respond from the security of their homes. All participants were selected at random, age and property being the only qualifying factors.

AAG is dedicated to helping older Americans find new ways to fund better retirement through responsible use of home equity. As the national leader in reverse mortgages, AAG offers a range of home equity solutions, including home equity conversion mortgages, traditional and proprietary mortgages, and real estate services, designed to provide seniors with better outcomes. financial retirees. AAG is proud to be a member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about AAG and Reverse Mortgages, please visit the company’s website at www.aag.com.

American Advisors Group, NMLS ID: 9392, 18200 Von Karman Ave., Suite 300, Irvine, California 92612

Ryan whittington
[email protected]
(657) 236-5220

SOURCE American Advisors Group (AAG)

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