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First, a national survey from PNC found 52% of today's retirees "have withdrawn funds from their retirement savings without a strategy in place."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:

How much of a retirement income plan do you have? And what steps have you taken to put such a plan together?

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