Retirement Consumption, Risk Perception and Planning Objectives of Canadian Retirees and Pre-Retirees
|
|
- Janel Dorsey
- 6 years ago
- Views:
Transcription
1 Retirement Consumption, Risk Perception and Planning Objectives of Canadian Retirees and Pre-Retirees Saisai Zhang (Jointly with Mary Hardy and David Saunders) University of Waterloo March 31, 217
2 Table of Contents Overview and Survey Design
3 Overview The Ontario Retirement Survey (ORS) 216 Target: Ontario residents age 5 to 8, 5 self-identified retirees and 5 pre-retirees Monitored: gender, age and residence Web-based survey Launch date: Sept 2, 216. Closing date: Oct 13, completed and 1 partially-completed Response rate: 7.7% Average survey: length 27 minutes
4 Survey Design Objective: 1. obtain a more complete picture of retirement experiences and objectives of Canadians 2. to compare and contrast them with assumptions made in models of lifetime portfolio selection Key interests: 1. the difference between expectations and experience among Canadian retirees 2. current level of wealth in retirement, or savings pre-retirement 3. preferences and risk aversion Adaptive survey
5 Retirement Status Retired (FT) Retired (PT) Retired (NW) Not Retired (FT) Not Retired (PT) Not Retired (NW) 8% < 1% 1% 11% 41% 29%
6 Wealth Status Low Medium High 18% 61% 21%
7 Wealth by Gender Female 14% Low Medium High Male 21% Low Medium High 2% 56% 66% 23%
8 Expectation and Experience - an example Pre-retirees: Please indicate the approximate amount you and your spouse/partner expect to receive, in the first year of your retirement. Retirees: Please indicate the approximate amount you and your spouse/partner received from the following sources, in the first year of your retirement
9 Retirement Age 1. Pre-retirees expect higher retirement age than retirees age of retirement 2. Some pre-retirees expect to never retire Pre-retirees, Expected Retirement Age. (Mean, Median): (67.193,65) Retirees, Actual Retirement Age. (Mean, Median): (58.588,6)
10 Retirement Liquid Assets Married 1. Pre-retirees expect to have higher liquid assets than retirees had at retirement 2. Married individuals: more assets (e.g. more income + shared cost) Pre-retirees, Married: Expected Retirement Liquid Assets. (Mean, Median): (4.7923,4) 7 Retirees, Married: Actual Retirement Liquid Assets. (Mean, Median): (4.661,3.5) <25, 25,999,999 1,9199,999 2,9299,999 3,9399,999 4,9499,999 5,9599,999 6,9699,999 7,9799,999 8,9899,999 9,91,, >1,, <25, 25,999,999 1,9199,999 2,9299,999 3,9399,999 4,9499,999 5,9599,999 6,9699,999 7,9799,999 8,9899,999 9,91,, >1,,
11 Retirement Real Estate Married 1. Pre-retirees expect higher property level than retirees had at retirement 2. Married retirees tend to have higher property level 12 Pre-retirees, Married: Expected Retirement Liquid Assets. (Mean, Median): (5.659,5.5) 12 Retirees, Married: Actual Retirement Liquid Assets. (Mean, Median): (5.91,5) Do not own <25, 25,999,999 1,9199,999 2,9399,999 4,9599,999 6,9799,999 8,9999,999 1,,91,299,999 1,3,91,599,999 1,6,91,999,999 2,,93,, >3,, Do not own <25, 25,999,999 1,9199,999 2,9399,999 4,9599,999 6,9799,999 8,9999,999 1,,91,299,999 1,3,91,599,999 1,6,91,999,999 2,,93,, >3,,
12 Retirement Income I: DB Married 1. Pre-retirees expected lower DB income than retirees had at retirement 2. DB trend Pre-retirees, Married: Expected Retirement DB Income. (Mean, Median): (2.7581,2) 15 Retirees, Married: Actual Retirement DB Income. (Mean, Median): (2.9915,3) Do not have <2, 2,939,999 4,959,999 6,979,999 8,999,999 1,9119,999 12,9139,999 14,9159,999 16,9179,999 18,92, >2, Do not have <2, 2,939,999 4,959,999 6,979,999 8,999,999 1,9119,999 12,9139,999 14,9159,999 16,9179,999 18,92, >2,
13 Retirement Income II: Government Support Married 1. Pre-retirees expect much higher government support than retirees had at retirement 2% Pre-retirees, Married: Expected Retirement Gov Support. (Mean, Median): (3.4745,3) 14 Retirees, Married: Actual Retirement Gov Support. (Mean, Median): (2.6761,2) <6, 6,911,999 12,917,999 18,923,999 24,929,999 3,935,999 36,941,999 42,947,999 48,953,999 54,96, >6, <6, <6, 6,911,999 12,917,999 18,923,999 24,929,999 3,935,999 36,941,999 42,947,999 48,953,999 54,96, >6, <6,
14 Retirement Income III: Life Annuities Married 1. Majority did not expect/have annuities 2. Pre-retirees expect higher annuity income than retirees had at retirement Pre-retirees, Married: Expected Retirement Annuity Income. (Mean, Median): (1.5148,1) 35 Retirees, Married: Actual Retirement Annuity Income. (Mean, Median): (1.2366,1) Do not have/plan <2, 2,939,999 4,959,999 6,979,999 8,999,999 1,9119,999 12,9139,999 14,916, >16, Do not have/plan <2, 2,939,999 4,959,999 6,979,999 8,999,999 1,9119,999 12,9139,999 14,916, >16,
15 Retirement Income IIII: Withdrawals Married 1. Pre-retirees expect higher withdrawals than retirees had at retirement Pre-retirees, Married: Expected Retirement Withdrawals. (Mean, Median): (1.7695,1) 3 Retirees, Married: Actual Retirement Withdrawals. (Mean, Median): (1.629,1) <2, 2,939,999 4,959,999 6,979,999 8,999,999 1,9119,999 12,9139,999 14,9159,999 16,9179,999 18,92, >2, <2, 2,939,999 4,959,999 6,979,999 8,999,999 1,9119,999 12,9139,999 14,9159,999 16,9179,999 18,92, >2,
16 Retirement Income V: Other Sources Married 1. Pre-retirees expect lower income from other sources than retirees had at retirement Pre-retirees, Married: Expected Retirement Income (other sources). (Mean, Median): (1.5375,1) 25 Retirees, Married: Actual Retirement Income (other sources). (Mean, Median): (1.762,1) <2, 2,939,999 4,959,999 6,979,999 8,999,999 1,9119,999 12,9139,999 14,9159,999 16,9179,999 18,92, >2, <2, 2,939,999 4,959,999 6,979,999 8,999,999 1,9119,999 12,9139,999 14,9159,999 16,9179,999 18,92, >2,
17 Savings and Spending Concerns Top four concerns: 1. Setting money aside to access quickly when unforeseen expenses arise 2. The impact of inflation on my standard of living 3. The possibility of living longer than expected 4. Avoiding ups and downs in my income having a smooth income stream during retirement
18 Real Estate (net mortgage) at Retirement (C$) Liquid assets and real estate 1%: low liquid wealth and no property Less cash-wealthy groups do not have much tied up in property >3,, 2,,93,, 1,6,91,999,999 1,3,91,599,999 1,,91,299,999 8,9999,999 6,9799,999 4,9599,999 2,9399,999 1,9199,999 25,999,999 <25, Do not own Frequency Plot: All Participants <25, 25,999,999 1,9199,999 2,9299,999 3,9399,999 4,9499,999 5,9599,999 6,9699,999 7,9799,999 8,9899,999 9,91,, >1,, Liquid Assets at Retirement (C$)
19 Max Price for Mthly Income of $1 at Retirement (C$) Frequency Plot: All Participants Liquid assets and annuity purchase High unwillingness to purchase annuities >3, 27,93, 24,926,999 21,923,999 18,92,999 15,917,999 12,914,999 9,911,999 6,98,999 3,95,999 <3, <25, 25,999,999 1,9199,999 2,9299,999 3,9399,999 4,9499,999 5,9599,999 6,9699,999 7,9799,999 8,9899,999 9,91,, >1,, Liquid Assets at Retirement (C$)
20 Liquid assets and seeking professional financial advice Top 3 concerns: 1. Professional advisors acting in their own best interest rather than mine 2. Accessing high quality services 3. The capability of advisors to address my concerns or improve my financial welfare Past/Future: Yes/Yes Past/Future: No/Yes Past/Future: Yes/No Past/Future: No/No 47% 31% 9% 13%
21 Risk Aversion Elicitation (Low vs High Stake) 1. Retirees more risk averse 2. Higher relative risk aversion when higher stake is involved 3. RRA 2. for pre-retirees, RRA 3. for retirees, 5 Risk Aversion - Low Stake (Option 4 to 5 implies CRRA range: ) 15 Risk Aversion - High Stake (Option 14 to 15 implies CRRA range: ) Pre-Retirees Retirees 14 Pre-Retirees Retirees
22 Retirement Planning Objectives Hypothetical annuitization decisions under: 1. Inflation risk 2. Investment risk Beshears et al (214)
23 Investment Risk Suppose that you are 65 years old and you are JUST about to retire. Your employer will pay you monthly pension income payments for the rest of your life. The pension will stop when you die. Your employer presents you with the following pension options: 1. Equity-Linked Pension Option This option pays a monthly pension with payments linked to stock market performance. Every year your pension will be re-evaluated based on the performance of the stock market. This means that your pension income payments are uncertain and will experience some ups and downs. 2. Steady Pension Option This option pays a constant monthly pension that does not change.
24 If you choose the Equity-Linked Pension Option, Your first monthly income payment will be $2,516. Your future monthly pension has an equal chance of being any one of the 1 coloured pension paths as shown in the chart below. If you choose the Steady Pension Option, Your first monthly income payment will be $2,358. Your future monthly pension will stay the same for the rest of your life, as shown by the black line in the chart below. *Note the difference in the first monthly income payments.
25 Dependence with wealth and risk aversion Dependence with government pension, income withdrawals
26 Beshears, J., Choi, J. J., Laibson, D., Madrian, B. C., and Zeldes, S. P. (214). What makes annuitization more appealing? Journal of public economics, 116:2 16. Mathew Greenwald & Associates Inc. (213). Risks and Process of Retirement Survey Report of Findings.
Retirement Consumption, Risk Perception and Planning Objectives
Research paper Retirement Consumption, Risk Perception and Planning Objectives Prepared by: Saisai Zhang, Mary Hardy, David Saunders Department of Statistics and Actuarial Science University of Waterloo
More informationNew York Life Insurance and Annuity Corporation NYL Guaranteed Lifetime Income Annuity II - Joint Life
Annuitant & Policy Information New York Life Insurance and Annuity Corporation Summary Primary Name: John Example Type of Funds: Non-Qualified Date of Birth: 02/01/1940 Payment Frequency: Annual Sex: Male
More informationThe New Retirement Emerging Issues Affecting Financial Security
The New Retirement Emerging Issues Affecting Financial Security Anna Rappaport Chairperson, Committee on Post-Retirement Needs and Risks, Society of Actuaries Mathew Greenwald President, Mathew Greenwald
More informationHave the Australians got it right? Converting Retirement Savings to Retirement Benefits: Lessons from Australia
Have the s got it right? Converting Retirement Savings to Retirement Benefits: Lessons from Australia Hazel Bateman Director, Centre for Pensions and Superannuation Risk and Actuarial Studies The University
More informationA New Generation Retirement Strategy
A New Generation Retirement Strategy Today, Optimizing Retirement Income Requires an Increased Focus on Efficiency 8/13 80060-13A No bank guarantee Not a deposit May lose value Not FDIC/NCUA insured Not
More information2015 ERISA Advisory Council Model Notices and Disclosures for Pension Risk Transfers May 28, 2015
2015 ERISA Advisory Council Model Notices and Disclosures for Pension Risk Transfers May 28, 2015 Good afternoon, members of the Council. My name is Roberta Rafaloff. I am a vice president in Corporate
More informationArticle from. ARCH Proceedings
Article from ARCH 2017.1 Proceedings The optimal decumulation strategy during retirement with the purchase of deferred annuities A N R A N CHEN CASS BUSINESS SCHOOL, CITY UNIVERSITY LONDON JULY 2016 Motivation
More informationSaving and Investing Among High Income African-American and White Americans
The Ariel Mutual Funds/Charles Schwab & Co., Inc. Black Investor Survey: Saving and Investing Among High Income African-American and Americans June 2002 1 Prepared for Ariel Mutual Funds and Charles Schwab
More informationDecember 3, Prepared on SAMPLE. Your SunFlex Retirement Income policy
60003599 Your SunFlex Retirement Income policy In this document, "you" and "your" means the owner of this policy, who is the annuitant and policyholder. "We", "our", "us" and the "Company" means Sun Life
More informationHow to Use Reverse Mortgages to Secure Your Retirement
How to Use Reverse Mortgages to Secure Your Retirement October 10, 2016 by Wade D. Pfau, Ph.D., CFA The following is excerpted from Wade Pfau s new book, Reverse Mortgages: How to use Reverse Mortgages
More informationGENDER AND MARITAL STATUS COMPARISONS AMONG WORKERS
2017 RCS FACT SHEET #5 GENDER AND MARITAL STATUS COMPARISONS AMONG WORKERS Are unmarried men and women equally likely to plan and save for retirement? Do they have similar expectations about their needs
More informationDecember 3, Prepared on SAMPLE. Your SunFlex Retirement Income policy
60003581 Your SunFlex Retirement Income policy In this document, "you" and "your" means the owner of this policy, who is the annuitant and policyholder. "We", "our", "us" and the "Company" means Sun Life
More informationJohn Beshears James J. Choi David Laibson Brigitte C. Madrian Jung Sakong. June 20, 2012
John Beshears James J. Choi David Laibson Brigitte C. Madrian Jung Sakong June 20, 2012 } What are the features that make a savings account attractive? } Liquidity? } Illiquidity?! Ashraf, Karlan, and
More informationBeFi Web Seminar for April 30, BeFi Conference Summary. by Shlomo Benartzi Co-Founder, Behavioral Finance Forum
BeFi Web Seminar for April 30, 2008 2008 BeFi Conference Summary by Shlomo Benartzi Co-Founder, Behavioral Finance Forum BeFi Forum 2008 2008 BeFi Conference Summary Shlomo Benartzi Co-Founder, Behavioral
More informationInvesting for a Lifetime. Guaranteed. Providing guaranteed lifetime-income options can improve participants retirement readiness.
Investing for a Lifetime. Guaranteed. Providing guaranteed lifetime-income options can improve participants retirement readiness. For Institutional Investor Use Only. Not for Use With or Distribution to
More informationRetirement Withdrawal Strategies WITHDRAWAL STRATEGIES DURING RETIREMENT MEET MARY ELLEN DUGGAN. I. Taking inventory of available resources
Retirement Withdrawal Strategies Not FDIC-insured. Not bank-guaranteed. May lose value. Dreyfus Service Corporation, Distributor CONVERGENT RETIREMENT PLAN SOLUTIONS, LLC WITHDRAWAL STRATEGIES DURING RETIREMENT
More information2005 Survey of Owners of Non-Qualified Annuity Contracts
2005 Survey of Owners of Non-Qualified Annuity Contracts Conducted by The Gallup Organization and Mathew Greenwald & Associates for The Committee of Annuity Insurers 2 2005 SURVEY OF OWNERS OF NON-QUALIFIED
More informationRetirement Across the Generations. Bill Klinger Assoc. Professor Business Raritan Valley Community College
Retirement Across the Generations Bill Klinger Assoc. Professor Business Raritan Valley Community College 20 35 Retirement Across the Generations Retirement Across the Generations 20 35 35 55 Retirement
More informationADVISOR USE ONLY PAYOUT ANNUITY OVERCOMING OBJECTIONS. Life s brighter under the sun
ADVISOR USE ONLY PAYOUT ANNUITY OVERCOMING OBJECTIONS Life s brighter under the sun Overcoming objections Overview > > Payout annuities are a powerful retirement tool and have been an important product
More informationYour Payout Annuity policy
64075536 Your Payout Annuity policy In this document, "you" and "your" means the owner of this policy, or the policyholder. "We", "our", "us" and the "Company" means Sun Life Assurance Company of Canada.
More informationRetirement Security: Public Perceptions and Misperceptions
Retirement Security: Public Perceptions and Misperceptions Anna M. Rappaport, MAAA, EA, FSA Chairperson, Committee on Post-Retirement Risks and Needs, Society of Actuaries Mathew Greenwald President, Mathew
More informationSeptember 05, Dear John,
Pascal Leo, CIM Knowledge Specialist Sun Life Financial - Client Solutions Centre 1 York St, 27th Floor Toronto, ON M5J 0B6 1-877-504-8031 432-7724 pascal.leo@sunlife.com September 05, 2017 Dear John,
More informationThe 2007 Retiree Survey
The Ariel-Schwab Black Investor Survey: The 00 Retiree Survey October 11, 00 BACKGROUND, OBJECTIVES, AND METHODOLOGY Ariel Mutual Funds and The Charles Schwab Corporation commissioned Argosy Research to
More informationSession 132 L - New Developments in Mortality Risk Pooling. Moderator: Deborah A. Tully, FSA, EA, FCA, MAAA. Presenter: Rowland Davis, FSA
Session 132 L - New Developments in Mortality Risk Pooling Moderator: Deborah A. Tully, FSA, EA, FCA, MAAA Presenter: Rowland Davis, FSA SOA Antitrust Compliance Guidelines SOA Presentation Disclaimer
More informationBreaking Free from the Safe Withdrawal Rate Paradigm: Extending the Efficient Frontier for Retiremen
Breaking Free from the Safe Withdrawal Rate Paradigm: Extending the Efficient Frontier for Retiremen March 5, 2013 by Wade Pfau Combining stocks with single-premium immediate annuities (SPIAs) may be the
More informationWhite Paper. The truth about institutional income annuities
White Paper The truth about institutional income annuities More often than not, the word annuity raises concerns because of conventional wisdom that all annuities are costly, complicated, offer limited
More informationEstimating The True Cost of Retirement
MARCH 22, 2017 Estimating The True Cost of Retirement TD Ameritrade, Inc., member FINRA/SIPC. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank.
More informationComplete your retirement picture with guaranteed income
Complete your retirement picture with guaranteed income ANNUITIES INCOME Brighthouse Income Annuity SM Add immediate income for more certainty. All guarantees are subject to the claims-paying ability and
More informationINCOME PROVIDER Single-Premium, Immediate Fixed Annuity
PACIFIC INCOME PROVIDER Single-Premium, Immediate Fixed Annuity FAC0718-1217 o WHY CHOOSE AN IMMEDIATE FIXED ANNUITY An immediate fixed annuity is a contract between you and an insurance company that helps:
More informationINADEQUATE RETIREMENT SAVINGS FOR WORKERS NEARING RETIREMENT
SEPT 17 1 INADEQUATE RETIREMENT SAVINGS FOR WORKERS NEARING RETIREMENT by Teresa Ghilarducci, Bernard L. and Irene Schwartz Professor of Economics at The New School for Social Research and Director of
More informationLegacy Maximizer. Analysis for: John Doe and Jane Doe Prepared on February 27, Your Financial Services Professional: Seth Stewart
Legacy Maximizer Analysis for: John Doe and Jane Doe Prepared on February 27, 2015 Your Financial Services Professional: Seth Stewart Getting the most out of your money In today's economy, using your money
More informationRisks of Retirement Key Findings and Issues. February 2004
Risks of Retirement Key Findings and Issues February 2004 Introduction and Background An understanding of post-retirement risks is particularly important today in light of the aging society, the volatility
More informationGuaranteed Income for Life. Voya IncomeProtector Withdrawal Benefit. Available with a Fixed Index Annuity from Voya Insurance and Annuity Company
Guaranteed Income for Life Voya IncomeProtector Withdrawal Benefit Available with a Fixed Index Annuity from Voya Insurance and Annuity Company Guaranteed Income for Life The median income for retired
More informationCoping with Sequence Risk: How Variable Withdrawal and Annuitization Improve Retirement Outcomes
Coping with Sequence Risk: How Variable Withdrawal and Annuitization Improve Retirement Outcomes September 25, 2017 by Joe Tomlinson Both the level and the sequence of investment returns will have a big
More informationManaging Asset Decumulation Risk in Capital Accumulation Plans. Hosted by the Ontario Regional Council May 8, 2014 Twenty Toronto Street Toronto, ON
Managing Asset Decumulation Risk in Capital Accumulation Plans Hosted by the May 8, 2014 Twenty Toronto Street Toronto, ON Managing Asset Decumulation Risk in Capital Accumulation Plans Hosted by the May
More informationRetirement Annuity and Employment-Based Pension Income, Among Individuals Aged 50 and Over: 2006
Retirement Annuity and Employment-Based Pension Income, Among Individuals d 50 and Over: 2006 by Ken McDonnell, EBRI Introduction This article looks at one slice of the income pie of the older population:
More information2019 Retirement Confidence Survey Summary Report April 23, 2019
2019 Retirement Confidence Survey Summary Report April 23, 2019 Employee Benefit Research Institute 1100 13 th Street NW, Suite 878 Washington, DC 20005 Phone: (202) 659-0670 Fax: (202) 775-6312 Greenwald
More informationMassMutual Women s Retirement Risk Study
A P R I L 2 0 1 8 July 2018 MassMutual s Retirement Risk Study Background & Methodology Background To better understand the investment preferences and philosophies of women approaching retirement as well
More informationEstablishing Your Retirement Income Stream
1 Establishing Your Retirement Income Stream What is important about retirement planning to you? 2 Building your retirement house 4 Legacy Benefits 3 2 Retirement income planning Accumulation 1 Expenses
More informationHow Will Rhode Island s New Hybrid Pension Plan Affect Teachers?
How Will Rhode Island s New Hybrid Pension Plan Affect Teachers? RICHARD W. JOHNSON, BARBARA A. BUTRICA, OWEN HAAGA, AND BENJAMIN G. SOUTHGATE A REPORT OF THE PUBLIC PENSION PROJECT MARCH 2014 Copyright
More informationInvestor sedge. Rewriting retirement: Today s retirement has become anything but traditional. Changing viewpoints.
Investor sedge First quarter Rewriting retirement: Today s retirement has become anything but traditional Baby boomers have redefined every life phase, and retirement is no different. As 10,000 baby boomers
More informationOptional Income Protection Rider
Optional Income Protection Rider Prepare for the unpredictable. part I am going to work full-time. Issued by Genworth Life and Annuity Insurance Company 124768 08/18/14 Can you predict how long you ll
More informationAre Managed-Payout Funds Better than Annuities?
Are Managed-Payout Funds Better than Annuities? July 28, 2015 by Joe Tomlinson Managed-payout funds promise to meet retirees need for sustainable lifetime income without relying on annuities. To see whether
More informationWhy SPIAs are a Good Deal Despite Low Rates
Why SPIAs are a Good Deal Despite Low Rates May 13, 2014 by Joe Tomlinson Single-premium immediate annuities (SPIAs) have been out of favor in the current low-interest-rate environment. But my new research
More informationWhat really matters to women investors
JANUARY 2014 What really matters to women investors Exploring advisor relationships with and the Silent Generation. INVESTED. TOGETHER. Certainly a great deal has been written about women and investing
More informationPHOENIX PERSONAL PROTECTION CHOICE
Protect your financial future: Your income, your family, your lifestyle. PHOENIX PERSONAL PROTECTION CHOICE A single-premium fixed indexed annuity with flexibility to address multiple needs IRS Circular
More information2015 The Self-Made Pension
2015 The Self-Made Pension Using guaranteed income to help secure the retirement you deserve Many workers in decades past relied on company pension plans to provide them with steady income through retirement.
More informationSix Strategies to Help Retirees Reduce Taxes and Preserve Their Assets
Six Strategies to Help Retirees Reduce Taxes and Preserve Their Assets Provided to you by: Bob Planner CPA Six Strategies to Help Retirees Reduce Taxes and Preserve Their Assets Written by Financial Educators
More informationOptimal Withdrawal Strategy for Retirement Income Portfolios
Optimal Withdrawal Strategy for Retirement Income Portfolios David Blanchett, CFA Head of Retirement Research Maciej Kowara, Ph.D., CFA Senior Research Consultant Peng Chen, Ph.D., CFA President September
More informationSelected Characteristics of Savings and Thrift Plans for Private Industry Workers
Cornell University ILR School DigitalCommons@ILR Federal Publications Key Workplace Documents 7-2015 Selected Characteristics of Savings and Thrift Plans for Private Industry Workers John E. Foster Bureau
More informationRetirement Plan Design Examples
Retirement Plan Design Examples We are providing these examples to help the Commission better understand the decisions it is making. Neither the Department of State Treasurer nor State Treasurer Janet
More informationComparing a Bucket Strategy and a Systematic Withdrawal Strategy
Comparing a Bucket Strategy and a Systematic Withdrawal Strategy By Noelle E. Fox Article Highlights Advisers often present retirees with either a systematic withdrawal strategy or a bucket strategy. A
More informationOptional Income Protection Rider
Optional Income Protection Rider Prepare for the unpredictable. part I am going to work full-time. Issued by Genworth Life and Annuity Insurance Company 124768 11/01/11 Life s circumstances and the financial
More informationTHE EFFECT OF SOCIAL SECURITY AUXILIARY SPOUSE AND SURVIVOR BENEFITS ON THE HOUSEHOLD RETIREMENT DECISION
THE EFFECT OF SOCIAL SECURITY AUXILIARY SPOUSE AND SURVIVOR BENEFITS ON THE HOUSEHOLD RETIREMENT DECISION DAVID M. K. KNAPP DEPARTMENT OF ECONOMICS UNIVERSITY OF MICHIGAN AUGUST 7, 2014 KNAPP (2014) 1/12
More informationPrincipal Deferred Income Annuity SM. Move more confidently in retirement. with the help of guaranteed income.
Principal Deferred Income Annuity SM Move more confidently in retirement with the help of guaranteed income. We hear you. Ensuring you have enough money in retirement can seem overwhelming. But we have
More informationHow to Rescue an Underfunded Retirement
How to Rescue an Underfunded Retirement February 19, 2018 by Joe Tomlinson Americans have under-saved and will need more than withdrawals from savings to survive retirement. An optimal withdrawal strategy
More informationLive confidently in retirement. Fixed income annuities through Vanguard Annuity Access
Live confidently in retirement Fixed income annuities through Vanguard Annuity Access Retire confidently knowing your savings can last for life Dependable income for life? It s not too good to be true.
More informationGreater choices for your retirement savings
Greater choices for your retirement savings Lincoln OptiChoice SM fixed indexed annuity INCOME SOLUTIONS Not a deposit Not FDIC-insured May go down in value Not insured by any federal government agency
More informationSECURE INCOME Fixed, Deferred Income Annuity
PACIFIC SECURE INCOME Fixed, Deferred Income Annuity FAC0555-1217 o WHY CHOOSE A FIXED, DEFERRED INCOME ANNUITY? A fixed, deferred income annuity is a long-term contract between you and an insurance company
More informationRoom to grow for your retirement
Room to grow for your retirement Lincoln New Directions fixed indexed annuity INCOME SOLUTIONS Client Guide Not a deposit Not FDIC-insured May go down in value Not insured by any federal government agency
More informationA Technical Guide for Individuals. The Whole Story. Understanding the features and benefits of whole life insurance. Insurance Strategies
A Technical Guide for Individuals The Whole Story Understanding the features and benefits of whole life insurance Insurance Strategies Contents 1 Insurance for Your Lifetime 3 How Does Whole Life Insurance
More informationOptional Income Protection Rider
Optional Income Protection Rider Prepare for the unpredictable. part I am going to work full-time. Issued by Genworth Life and Annuity Insurance Company 124768 11/12/12 Life s circumstances and the financial
More informationScarcity at the end of the month
Policy brief 31400 December 2017 Emily Breza, Martin Kanz, and Leora Klapper Scarcity at the end of the month A field experiment with garment factory workers in Bangladesh In brief Dealing with sudden,
More informationRetirement just got real.
Retirement just got real. Retirement challenge #1: Keeping pace with inflation Inflation has been called the silent killer of wealth. It s rarely discussed and many retirement income strategies ignore
More informationThe Potential Effects of Cash Balance Plans on the Distribution of Pension Wealth At Midlife. Richard W. Johnson and Cori E. Uccello.
The Potential Effects of Cash Balance Plans on the Distribution of Pension Wealth At Midlife Richard W. Johnson and Cori E. Uccello August 2001 Final Report to the Pension and Welfare Benefits Administration
More informationUnderstanding Chronic Illness and Long-Term Care Life Insurance Options. For use with financial professionals only. Not for public distribution.
Understanding Chronic Illness and Long-Term Care Life Insurance Options Disclosures As personal situations change, so will an individual s life insurance needs. Care should be taken to ensure this product
More informationBENEFITS VALUATION ANALYSIS Get Your Benefits Package Right Claus Adam, Frankfurt EMEA Benefits Products Manager
BENEFITS VALUATION ANALYSIS Get Your Benefits Package Right 2014 Claus Adam, Frankfurt EMEA Benefits Products Manager Benefit Valuation Analysis (BVA) What is it? When it comes to benefits : Do you know
More informationIs An Indexed Annuity Right For Me?
Is An Indexed Annuity Right For Me? Our member companies include: Great American Life Insurance Company and Annuity Investors Life Insurance Company Simplify Your Path To Financial Security Longer life
More informationHelping to improve DC participants retirement outcomes both TO and THROUGH retirement
Helping to improve DC participants retirement outcomes both TO and THROUGH retirement Focus participants on their retirement outcome Jeff Eng, CFA, Director, Retirement Income Solutions DECEMBER 2015 Important
More informationMcGill University Pension Plan
The presentation can be accessed in online at: www.mcgill.ca/hr/node/2128 McGill University Pension Plan PENSION PLAN INFORMATION SESSION MacDonald Campus Nov 6, 2015 Human Resources 1 This presentation
More informationThe Rise of 401(k) Plans, Lifetime Earnings, and Wealth at Retirement
The Rise of 401(k) Plans, Lifetime Earnings, and Wealth at Retirement By James Poterba MIT and NBER Steven Venti Dartmouth College and NBER David A. Wise Harvard University and NBER April 2007 Abstract:
More informationAnnuities in Retirement Income Planning
For much of the recent past, individuals entering retirement could look to a number of potential sources for the steady income needed to maintain a decent standard of living: Defined benefit (DB) employer
More informationBUILDING WEALTH AND ADDING STABILITY WITH A VARIABLE ANNUITY. What is a variable annuity and when is it a good fit for a client s portfolio?
BUILDING WEALTH AND ADDING STABILITY WITH A VARIABLE ANNUITY What is a variable annuity and when is it a good fit for a client s portfolio? VARIABLE ANNUITY ADVISOR BROCHURE WHAT IS A VARIABLE ANNUITY?
More informationPrincipal Funds. Women and Wealth. Invest in yourself. You deserve it. A step-by-step guide to help you achieve your financial goals.
Principal Funds Women and Wealth Invest in yourself. You deserve it. A step-by-step guide to help you achieve your financial goals. Take Time for You As a woman, you probably have a lot of responsibilities.
More informationOpting out of Retirement Plan Default Settings
WORKING PAPER Opting out of Retirement Plan Default Settings Jeremy Burke, Angela A. Hung, and Jill E. Luoto RAND Labor & Population WR-1162 January 2017 This paper series made possible by the NIA funded
More informationPublic and Private Pension Plans: A Combined Income Replacement Approach to Policy Options for Old Age Income Security
Public and Private Pension Plans: A Combined Income Replacement Approach to Policy Options for Old Age Income Security Hyeyoun Baek Associate Research Fellow, KIHASA 1. Introduction Korea's retirement
More informationANTICIPATE Social Security and Your Retirement SAVING : INVESTING : PLANNING
ANTICIPATE Social Security and Your Retirement SAVING : INVESTING : PLANNING About this seminar Presentation > Provides comprehensive education > Includes action steps > Provides opportunity to develop
More informationFACT FINDER. Client Name. Client Signature. Advisor Name. Date
FACT FINDER Client Name Client Signature Advisor Name Date CONTENTS 1. Family Information 2. Financial Priorities 3. Planning Assumptions 4. Property & Mortgages 5. Investments & Accounts 6. Contributions/Qualified
More informationYour retirement. Your way. Customize your retirement income with INCOME Promise Select.
Nationwide INCOME Promise Select Fixed Immediate Annuity Guide INCOME Promise Select Your retirement. Your way. Customize your retirement income with INCOME Promise Select. Not a deposit Not FDIC or NCUSIF
More informationFinancial Literacy and Subjective Expectations Questions: A Validation Exercise
Financial Literacy and Subjective Expectations Questions: A Validation Exercise Monica Paiella University of Naples Parthenope Dept. of Business and Economic Studies (Room 314) Via General Parisi 13, 80133
More informationAlpha, Beta, and Now Gamma
Alpha, Beta, and Now Gamma David Blanchett, CFA, CFP Head of Retirement Research Morningstar Investment Management 2012 Morningstar. All Rights Reserved. These materials are for information and/or illustration
More informationM A Y MassMutual Asian American Retirement Risk Study
M A Y 2018 MassMutual Asian American Retirement Risk Study Background & Methodology Background To better understand the investment preferences and philosophies of those approaching retirement as well as
More informationAssuming more responsibility for retirement: The reality of preparedness and building a sustainable income.
Assuming more responsibility for retirement: The reality of preparedness and building a sustainable income. The BMO Institute provides insights and strategies around wealth planning and financial decisions
More informationFunding Defined Benefit Pension Plans: Risk-Based Supervision in Ontario Overview and Selected Findings
Funding Defined Benefit Pension Plans: Risk-Based Supervision in Ontario Overview and Selected Findings 2000-2004 Financial Services Commission of Ontario September 2005 TABLE OF CONTENTS 1.0 Introduction
More informationMaximizing Your Pension Income
Maximizing Your Pension Income These materials are not intended to be used to avoid tax penalties and were prepared to support the promotion or marketing of the matter addressed in this document. Neither
More informationRetirement Matters: Retirement Living. Slide 1
Slide 1 Retirement living conjures up various images. Some see retirement living as traveling. Others envision more family time. Still others simply look forward to more free time. No matter what your
More informationRetirement Income Options for Group Retirement Savings Plan Members. Understanding Your Retirement Income Choices
Retirement Income Options for Group Retirement Savings Plan Members Understanding Your Retirement Income Choices Everything you should know about Make the choice that s right for you You've been enjoying
More informationAugust 07, Re: Regulation Identifier Number RIN 1210 AB20. To Whom It May Concern:
August 07, 2013 Office of Regulations and Interpretations, Employee Benefits Security Administration, Room N 5655, U.S. Department of Labor 200 Constitution Avenue N.W. Washington, DC 20210 Attention:
More informationCRS Report for Congress
CRS Report for Congress Received through the CRS Web Order Code RS21954 October 14, 2004 Automatic Enrollment in Section 401(k) Plans Summary Patrick Purcell Specialist in Social Legislation Domestic Social
More informationDefined contribution retirement plan design and the role of the employer default
Trends and Issues October 2018 Defined contribution retirement plan design and the role of the employer default Chester S. Spatt, Carnegie Mellon University and TIAA Institute Fellow 1. Introduction An
More informationHow Retirement Readiness Varies by Gender and Family Status: A Retirement Savings Shortfall Assessment of Gen Xers
January 17, 2019 No. 471 How Retirement Readiness Varies by Gender and Family Status: A Retirement Savings Shortfall Assessment of Gen Xers By Jack VanDerhei, Ph.D., Employee Benefit Research Institute
More informationPension Risk: From Accumulation to Retirement. Solange Berstein Pensions Supervisor, Chile Chair IOPS Technical Committee
Pension Risk: From Accumulation to Retirement Solange Berstein Pensions Supervisor, Chile Chair IOPS Technical Committee Mexico, June 8 2011 The Relevant Measure of Risk in a DC Pension System How to Measure
More informationToday s Retirement Landscape
Today s Retirement Landscape Know where you stand today. Once you know where you stand today, you can begin to see how to get to the place you want to be tomorrow. The future is yours to protect. The retirement
More informationManaging Your Retirement Income
Managing Your Retirement Income Developed by: 2006, National Association of Foundation for Retirement Education. All rights reserved. This presentation may not to be used without permission by NAVA or
More informationSavings is the portion of current income not spent on consumption. Savings account, money markets, certificate of deposit (CD)
Investing Saving vs. Investing Savings is the portion of current income not spent on consumption. Savings account, money markets, certificate of deposit (CD) Investing is the purchase of assets with the
More information5BIG THREATS TO YOUR RETIREMENT
5BIG THREATS TO YOUR RETIREMENT As your career winds down, consider incorporating a wealth preservation strategy to help protect your nest egg and, through proper strategy, generate income for life. Welcome
More informationPayout-Phase of Mandatory Pension Accounts
Goethe University Frankfurt, Germany Payout-Phase of Mandatory Pension Accounts Raimond Maurer (Budapest,24 th March 2009) (download see Rethinking Retirement Income Strategies How Can We Secure Better
More informationSTAGGERED ANNUITISATION IN PRACTICE
STAGGERED ANNUITISATION IN PRACTICE A GUIDE FOR FINANCIAL ADVISERS To be used in conjunction with: Retire Smarter: new strategies towards a comfortable retirement, Dr David F Babbel PhD, October 2017 STAGGERED
More informationSecureLiving Income Provider
Single Premium Immediate Annuity I SecureLiving Series SecureLiving Income Provider Do what you love. Issued by Genworth Life Insurance Company & Genworth Life and Annuity Insurance Company 130800 08/22/13
More informationBenefits. Handbook. Phillips Retirement Income Plan
Benefits Handbook Phillips Retirement Income Plan Effective January 1, 2009 Phillips Retirement Income Plan Title I of the ConocoPhillips Retirement Plan Welcome to Your Phillips Retirement Income Plan
More information