2020 Left Nearly One-Third of Seniors with Financial Troubles

March 16, 2021

AAG Releases Post-2020 Retirement Survey

Irvine, Calif. (March 17, 2021) – The year 2020 was difficult for everyone, especially the elderly. Lockdowns, virtual communication, and a fluctuating economy forced seniors to change their daily life and re-evaluate their future. To understand the impact that 2020 had on seniors’ finances and home life, American Advisors Group (AAG), the nation’s leader in home equity solutions, conducted the Post-2020 Retirement Survey with over 1,500 participants age 60-75.

“Senior citizens make up our entire customer base, so it was important for us to understand how the events of last year affected their well-being,” said AAG Chief Marketing Officer Martin Lenoir. “This study showed us that not only are seniors still recovering from last year, but that they have a different outlook on the importance of their home. This may be the perfect time for them to bridge the gap and utilize their home equity to regain the peace of mind they had in years past.”

How 2020 Impacted American Seniors:

  • For many seniors, 2020 affected their future as much as their daily life. Nearly one-third of seniors (30%) stated that the events of 2020 had a negative impact on their retirement plans.
  • Last year forced many seniors to draw additional income to fund their daily lives. More than one in five seniors (21%) said that the events of 2020 caused them to withdraw additional funds from one or more of their retirement accounts.
  • The COVID-19 pandemic forced all of America’s seniors to remain home for the majority of the year, causing many to feel increasingly safer at home. More than one out of every four seniors (28%) said they felt safer at home in 2020 than years prior.
  • With the increased time spent at home, most seniors now have no desire to move. Over half of American seniors (55%) said they plan on living in their current home forever.

Click here to read the full results of the AAG Post-2020 Retirement Survey.

AAG’s Post-2020 Retirement Survey was conducted on January 27, 2021, and included 1,521 participants. Responses include numerous formats, including yes-and-no answers, ranking preferences, and multiple-choice replies. The survey was conducted on a digital platform so that participants from all regions of the United States could answer from the safety of their homes. All participants were selected randomly with age and homeownership being the only qualifying factors.

About AAG

AAG, now a division of Finance of America Reverse (FAR), continues its dedication to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. AAG offers a suite of home equity solutions — including Home Equity Conversion Mortgages and proprietary reverse mortgages, that are designed to give seniors a better financial outcome in retirement. Following the asset acquisition of AAG by FAR in April 2023, FAR and AAG together make up one of the largest reverse mortgage companies in the US. The company is licensed nationally (NMLS #2285) and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). For more information about AAG, please visit www.aag.com.


AAG/American Advisors Group are divisions of Finance of America Reverse LLC which is licensed nationwide  | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133

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