Retirement Planning - US - May 2015
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"There is a retirement planning crisis in this country. Whether because they can’t, they don’t know how, or they don’t know they should, people are not saving what they will need even to be sure they won’t outlive their savings. Tools are available to help, but many people don’t utilize them. There is opportunity for financial institutions and advisers in the retirement planning market, but educating people has to be part of the process. Doing that, however, requires resources as well as the willingness to work with clients who may not fit the typical profile of advice clients. This report examines some of the factors behind this crisis, as well as some steps institutions and advisers can take to help consumers save the money they need to enjoy the retirement they want. "
- Robyn Kaiserman, Financial Services Analyst
This report discusses the following key topics:
People are living longer, healthier lives but not saving the money they need to ensure they can enjoy those lives. Even among those who are saving money, many are not saving enough and stand to experience a shortfall when the time finally comes to retire. Although Social Security is available now, its future is uncertain and many current recipients find the payments are often not enough to support them, anyway.
Much has been written about this issue, and as awareness of the problem has increased, so has the availability of assistance, whether by financial advisers or online tools offered by financial institutions. Especially now that Baby Boomers are beginning to retire, advisers are – and will continue to be –reaching out to work with them to devise the income distribution strategies that will fund them throughout retirement. People who are comfortable with online tools, such as many Millennials and Gen X, will have more at their disposal, either as a substitute for or complement to personal financial advisers. Employers that offer employer-sponsored plans are also looking to partner more closely with their plan providers so their employees will be more comfortable with their plans and make retirement savings and investment decisions that are best for them. As more employers, plan providers, financial institutions, and financial advisers become proactive in helping people save as much as they can, they will not only gain additional – and more loyal – clients and employees, but also help those clients and employees get into position to enjoy a comfortable retirement.
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