The key purpose retirement planning and savings is to ensure a source of retirement income adequate to meet the needs of the individual throughout their lifetime. There are many studies looking at the accumulation period such as how much the average person saves, average account balances and retirement plan participation rates. There are fewer...
In 2017, nearly one third of employees withdrew funds from a retirement account for expenses other than retirement. That is the data presented by PwC in their 2017 Employee Financial Wellness Survey. If this survey is representative of the general population then this should be cause for concern.
Individual Retirement Accounts (IRA) make up a quarter of all retirement assets. What do we know about these accounts and the behaviors of IRA account holders? Where can advisors offer important guidance to account owners? Fortunately, new studies can help answer these questions!
American financial literacy is worse than I anticipated. A recent survey conducted by FINRA asked survey participants five questions related to everyday financial and economic topics. The survey found that 63% of respondents answered three or fewer questions correctly.