10 Questions
True or false:More than half of those currently in retirement retired earlier than expected due to financial reasons.
False
True or false: Currently working participants believed having enough money was the number one catalyst for when they actually retired.
False
True or false: Paying off debt and saving for a child's college education can have a positive impact on saving for retirement.
False
True or false: Retirees' top concerns when it comes to managing their finances include inflation, healthcare-related expenses, and potential reductions in Social Security benefits.
True
True or false: The passing of the Secure Act in 2019 made it harder for companies to include annuities in their retirement offerings.
False
True or false: Annuities are a good option for those who want to manage their own assets.
False
True or false: Women tend to feel they are ahead on retirement savings compared to men.
False
True or false: Retirement programs need to evolve from being retirement plans to retirement programs that are less tailored to individuals' needs.
False
True or false: Financial wellness programs are becoming more embedded in human resources and retirement programs.
True
True or false: Financial wellness programs are not an incentive or tool for companies in attracting and retaining employees.
False
Study Notes
- Allison Nathan interviews Mike Moran about retirement in the inaugural retirement survey conducted by Goldman Sachs Asset Management.
- The survey interviewed over 1,200 participants, including currently working and retired individuals across ages and generations.
- More than half of those currently in retirement retired earlier than expected, with most retiring between ages 60-64 due to health-related issues.
- The primary reason for when participants actually decided to retire was related to health issues, while currently working participants believed having enough money was the number one catalyst for when they think they will retire.
- To prepare for retirement, individuals should start saving earlier, as their working career may not be as long as they think it will be.
- Paying off debt, saving for a child's college education, and time spent out of the workforce can have a negative impact on saving for retirement.
- Retirees' top concerns when it comes to managing their finances include inflation, healthcare-related expenses, and potential reductions in Social Security benefits.
- Retirement planning must take into account all other financial obligations that participants are facing.
- Retirees are looking for ways to generate consistent and stable income in retirement, such as turning their savings into a steady paycheck through annuities.
- The passing of the Secure Act in 2019 made it easier for companies to include annuities in their retirement offerings.
- The pandemic has impacted retirement planning, with some delaying their retirement timeline and others increasing retirement savings.
- The Secure Act provides a safe harbor for employers to include annuities in retirement plans.
- Annuities may be a good option for those who want a guaranteed income stream and are not comfortable managing their own assets.
- Women were less comfortable than men in assessing their retirement needs and tended to feel they were behind on retirement savings.
- Younger workers tend to believe they will be able to retire younger than their older counterparts.
- Retirement programs need to evolve from being retirement plans to retirement programs that are more holistic and tailored to individuals' needs.
- Employers need to ensure that retirement services can accommodate a wide range of participant needs.
- Retirement programs are an important value driver for many organizations and a key way to help attract and retain talent.
- The financial service industry is developing products and services to support the evolution of retirement programs.
- Plan participants are diverse and have different needs, which need to be considered in retirement planning.
- Companies are offering financial wellness programs to attract and retain talent.
- These programs include managed accounts and other financial benefits.
- They are becoming more embedded in human resources and retirement programs.
- Unemployment is low and there is a war for talent.
- Financial wellness programs are a benefit for employees.
- They can attract and retain employees.
- This is part of the value proposition that organizations are looking at.
- Financial wellness programs are an incentive and a tool for companies.
- There is pressure to pursue these programs.
- The topic is important to all of us.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
