Ameriprise Study: Retirees Ready, But Reluctant to Spend Savings
While retirees have worked hard to save and invest for their next chapter, new research from
"After working, saving, investing and making sacrifices for decades to build a nest egg, transitioning to spending can be challenging," says
Savings Shortfall - Perception or Reality?
Many respondents retired with a substantial amount of money - in fact, the median savings they had was
Not Outliving Money is a Top Priority
Whether they socked away the amount of money they desired or not, retirees are determined not to outlive the funds they accumulated. Managing investment risks and returns is the number one action retirees are taking to make their money last. This is also a topic that 59 percent of retirees view as complex. Retirees are seeking professional financial advice as the second most common action, followed by reducing debt and doing research to become more knowledgeable about investing, which are tied as the third most common action they are taking to sustain their money.
Retirement Income - Social Security Questions Persist
Beyond savings and investments, most retirees say pensions (72 percent) and
The Complexity Barrier
Over half of those in retirement (53 percent) feel understanding the tax ramifications of draw down strategies is complex. Similarly, 46 percent of respondents express this sentiment when it comes to understanding how to establish a retirement income plan.
"Retirees may miss out on the full and rich life they dreamed of by not spending the money they worked hard to accumulate," says Keckler. "A financial advisor can help retirees develop a strategy to withdraw their assets effectively so they don't outlive their money."
For more information about the study, please visit our research page at Ameriprise.com/makingmoneylast
About the survey
The Making Money Last study was created by
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