Principal Retirement Security Survey indicates ‘reset’ in priorities

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American workers are hitting the reset button on their retirement priorities, replacing dreams of a lavish retirement with simpler goals of maintaining the current standard of living amid ongoing market volatility and inflationary pressures, according to a new survey by Principal Financial Group. The Principal Retirement Security Survey included nearly 1,000 consumers and 215 plan sponsors in the United States. According to the findings, a considerable percentage of workers, 71%, said their key goal in retirement is “maintaining my standard of living,” while fewer than half, 44%, cited splurging periodically in retirement as a priority. The biggest concerns workers say they have in retirement, in order, are maintaining a healthy lifestyle, enduring market losses, outliving savings, and meeting daily expenses. “For most Americans, living comfortably with the occasional splurge on their favorite activities or travel destinations is the ultimate goal in retirement,” said Sri Reddy, senior vice president of Retirement & Income Solutions at Principal. “In the current environment of high inflation and potentially lower investment returns, we are seeing something of a retirement reset among U.S. workers.”