Two new surveys should get the attention of everyone who would like to retire someday.
First, a national survey from PNC found 52% of today's retirees "have withdrawn funds from their retirement savings without a strategy in place." Joseph Jennings, Senior VP of Wealth Management at PNC, said, "Most retirees don't have a plan for drawing down savings and that is a concern...(they) are putting themselves at greater risk of outliving their funds."
Second, our own recent survey of SMI members found very few have a detailed plan for turning retirement savings into retirement income. More specifically:
- Just 11% of all respondents have a detailed plan, 53% have a general plan, and 35% don't have a plan
- Even among the oldest SMI members, very few have a detailed plan---24% of those age 65 and older, 18% of those 60-64, and 8% of those 50-59
With so much emphasis on investing for our later years, too few of us---even those in or very close to retirement---have taken the next step of figuring out a retirement income plan. Some articles that may help you with this include:
- The Retirement Investing Challenge: Keeping Up With Inflation While Limiting Risk
- How Much Retirement Income Will Your Nest Egg Provide?
- Traditional IRA vs. Roth: Which Maximizes Retirement Income?
- Making Sense of the Annuity Puzzle
- Retirement Issues: Which Assets Should You Withdraw First?
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