Many factors go into retirement planning—two of which are health care costs and income received from Social Security. A study found employees think they are eligible for full Social Security benefits before they actually are. And, another found Americans want financial advisers to include health care costs in retirement planning conversations. One big problem already being faced by the Baby Boomer generation is how to convert retirement savings to income. Annuities are shunned by many, some who want more control over their assets. Speakers at the 2019 Plan Sponsor Council of America’s Annual Conference discussed how plan sponsors can switch their approach to retirement benefits from being savings vehicles to being retirement income plans. All this and more in this edition of PLANSPONSOR Weekend!
Eighty-one percent of Americans believe it would be very or extremely valuable for their financial adviser to include health care costs in their retirement planning, according to research by Transamerica and Luntz Global Partners.
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Nearly three-quarters of workers say income stability is more important than maintaining wealth in retirement, but approximately one-third each chose managing their own assets or managing half of their assets and purchasing a guaranteed income product with the other half.
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