Planning for Retirement Income Needs
- March 14, 2022
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
The attached article, prepared by the American Academy of Actuaries, has links to various articles as well as a longevity illustrator which is very interesting and available by clicking on the link below.
The calculator, developed by the American Academy of Actuaries and the Society of Actuaries, is one example of a tool for educating individuals about future life expectancies, https://www.longevityillustrator.org/.
There has never been a greater opportunity for qualified plan professionals to assist retirement plan participants in planning for their retirement income needs. In addition, the regulations allow for significant features to be adopted by Plan Sponsors which would not only enhance the ability for participants to save for their retirement but manage the various risks in retirement.
In conclusion, targeted and effective plan designs can facilitate favorable outcomes despite these realities. Financial education is of value in helping individuals to make savings and investment decisions. However, not all individuals will have access to proper education or know how best to use it. Therefore, it is important to consider how plans can be designed to help retirees achieve the goal of securing their retirement.