I read an interesting article in the Journal of Financial Planning by Betty Meredith, CFP®, CFA, CRC® about how the Mid-Market makes retirement decisions. Since I serve the middle-class market I thought I would share some of her thoughts with you.
The research report was sponsored by the Society of Actuaries and is entitled The Decision to Retire and Post-Retirement Financial Strategies.
Do you find yourself thinking and acting this way?
"...most of the study's participants didn't follow a decision-making process for several reasons: the uncertainty implicit in planning what life might bring, the difficulty planning for an unknown length of time..."
Many "...decided to retire due to health of self or spouse, changes in the workplace..."
When in retirement, they "...reduce spending when needed..." and "...most do not have a plan for taking systematic withdrawals from their retirement savings..."
NAPFA financial planners, like myself, certainly can help you through these issues and help you to make more informed decisions.