WrapManager's Wealth Management Blog
When life changes, we can help you thoughtfully respond.

Do You Have a Retirement Income Plan? Most Retirees Don’t

Posted by Seton McAndrews | CFP®, Vice President Investments

October 11, 2017

The key word in the title of this article is “income.” Many retirees believe they may have a retirement plan (at least generally speaking), but when it comes to having a retirement income plan, the numbers don’t look so good.

According to new research from LIMRA Secure Retirement Institute, “only 35% of retired clients and 38% of pre-retirees who work with an adviser have a formal written retirement income plan (emphasis ours).”1

Do you have one?

Not having a formal, written retirement plan and retirement income plan may decrease the confidence many retirees feel about having enough money in retirement. Unfortunately, with decades of retirement education and growth in the advisor business, retirees are not getting much more confident about retirement security. According to the Employee Benefits Research Institute, in 1993, only 18% of workers felt “very confident” about being able to afford a comfortable retirement. Fast forward to 2016, and there are still only 18% of workers who feel “very confident.”2

When considering that the Dow Jones Industrial Average has risen more than 500% over the period from January 1993 to December 2016, one would think that retirement confidence would be higher. But something is clearly amiss.  

[+] Read More

Retirement Planning Retirement Income Strategy

Retirement Investing: Needs vs. Wants

September 13, 2017
The conventional wisdom is that once a person retires, they should pare back exposure to stocks and focus instead on a more balanced, ... [+] Read More

What If You Have to Retire Earlier Than Expected?

August 23, 2017
Life is full of detours and unknowns, and in many cases retirement planning is too. Sometimes people are forced to change jobs, to give ... [+] Read More

When it Comes to Retirement Planning, What’s the Difference Between Needs and Wants?

June 14, 2017
Retirement planning involves more than just saving money in a 401(k) or putting away cash in IRAs here and there. An investor has to ... [+] Read More

Lord Abbett: Why HSAs Matter More Than Ever

March 29, 2017
Many experts expect healthcare costs will continue to rise, making it important that advisors help their clients plan ahead. According to ... [+] Read More

The Retirement Dilemma for High Income Earners

March 28, 2017
High income earners often find themselves in a bit of a quandary when it comes to retirement planning. Individuals making over $132,000 and ... [+] Read More

Savings Checkpoint! How to Know if You’re Saving Enough

March 15, 2017
Retirement and financial planning can essentially be broken down into three phases:  Saving Investment Distribution (Retirement Income)  ... [+] Read More

Retiring in America: 3 Practical Tips to Help Set Your Course

March 13, 2017
Retirement planning in America is no simple task. Whether it’s navigating the ever-shifting tax code, factoring-in the rising cost of ... [+] Read More

Common Retirement Planning Problems – And How to Overcome Them

January 4, 2017
With retirement planning, there is always the need to plan for the “unexpected”: emergency needs, potential home repairs, major medical ... [+] Read More

Use Goal-Based Investing to Invest with Precision

December 28, 2016
There is an emerging concept in health care known as “precision medicine.” According to the National Institutes of Health, “precision ... [+] Read More