Happy Friday, PLANADVISER readers! This week we take a deep dive into the psychology of retirees and their families. Often, retirement planning conversations center on dollars and cents, on markets and asset allocations—but every bit as important as the numbers is the retirement vision that clients carry. Below you’ll find insights from real workers and retirees on what they wish they’d done differently, and how they think about life before and after work ends.
Parents are worried about their independence as they age; kids are worried about their aging parents’ quality of life; parents are worried about their kids’ health and finances; and around it goes.
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Given a choice between two job offers—one with a retirement plan and one with a higher salary—pre-retirees are five times more likely to choose the retirement plan offer, demonstrating how much workers, especially older workers, value employer-sponsored retirement plans.
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Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.