Submitted by tom on
There is a great research report that was just published by the Society of Actuaries.
Click here to access the report.
The bottom line: retirement planning for most people continues to be an ad hoc process at best. A more cynical take is the the general state of retirement planning in the United States is a complete mess.
Planning horizons are relatively short (only 5 percent of people have planning horizons that meet or exceed their life expectancies) and many/most people have very little ability to finance a meaningful portion of their pre-retirement income.
36 percent of retirees withdraw money from savings with no formal plan in place.
The research report is based on a survey that was conducted through telephone interviews of 804 individuals age 45- 80 in 2009.
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