Financial Wellness in Retirement “I wish I would have planned better”
Running out of money is the primary financial fear of most American households.
“Between his Social Security and mine it comes up to not quite half of our monthly expenses.”
Retirement expectations vs. retirement reality The majority of retirement plans focus on the retirement date and the subsequent 10 years…but what happens after that? Individuals want to know what they can expect from life in retirement, from how to spend their newfound leisure time to planning for health care expenses. Who better to answer these questions than successful retirees from a variety of life stages? Financial Wellness in Retirement presents a unique look at attitudes toward retirement through the perspectives of households who are recently retired to to those who have been retired for more than 15 years. Retiring successfully is the primary financial concern for millions of Americans. But to most households, achieving this goal can seem overwhelming and an aspect of financial planning they would prefer to put off until tomorrow. But what happens when they run out of tomorrows?
“I don’t feel like I am doing anything with my life. I feel like I need to do more.”
“I worry that my money won’t last. I wasn’t expecting to live this long”
Financial Wellness in Retirement
Financial Wellness in Retirement was designed to help financial providers and advisors assist their clients in developing a plan for a financially and emotionally secure retirement. Based on primary quantitative and qualitative research, this impactful report focuses on retirees at different stages of their retirement: • When did they start planning for retirement? • With whom did they consult for retirement planning? • How helpful was their retirement planning? • What are the biggest surprises in retirement? • How do they spend their time?
Among the critical issues addressed in this report: • What (or who) are the primary sources for retirement planning? • What are the biggest challenges in retirement? • What is the most common age at which individuals take Social Security benefits? • What is the planned living situation should assistance be required? • How involved are families in making decisions of living arrangements? UNIQUE METHODOLOGY Financial Wellness in Retirement was developed from dedicated qualitative and quantitative research with retired investors conducted in the late summer and early fall of 2016. Focus groups and one-on-one interviews were conducted in Orlando and Phoenix. Participants included: • • •
Individuals retired less than 10 years with $1 million at retirement Individuals retired more than 10 years with $750,000 at retirement Individuals retired more than 15 years with more than $750,000 at retirement
To order Financial Wellness in Retirement, contact Randy Wostratzky at (224) 544-5195 or
[email protected]
