jump to navigation

Why won’t people ask for help?? June 23, 2015

Posted by forwardfinancialplanning1 in Financial Planning.
Tags:
trackback

As a financial planner, it never ceases to amaze me when I consider the number of people who are approaching retirement without having ever done any analysis.  Many Americans are simply floating along day-to-day and have never taken the time to consider two fundamental questions regarding their preparedness for retirement.  (1)  Do I have enough financial resources to retire? and (2)  What will I do with my time in retirement?

A recent study puts this into perspective for the academic niche that TIAA CREF serves.  The TIAA CREF Faculty Career and Retirement Survey grouped respondents (all were age 50 or older) into three categories: (1) “Traditional retirees”—those planning to retire at normal retirement age (comprising 35% of respondents).  (2) “Reluctantly reluctants”–those who want to retire at normal ages, but expect to be working longer (16% of respondents) and (3) “Reluctant by choice”–those who simply expect to work past normal retirement ages (49%)

One of TIAA-CREF’s most perplexing findings is that of the “Reluctantly reluctants”, 50-67% had never done any analysis.to determine if they were financially capable of retiring.  Likewise, of the “Reluctant by choice” group, 60-90% had never engaged in any serious consideration regarding how they would use their time in retirement.

We need to  also keep in mind that these survey respondents are some of the most highly educated people in the country!  Yet, so many don’t t attempt to answer those two fundamental questions or seek help in finding the answers.  One can’t help but be reminded of the famous Yogi Berra quote,  “If you don’t know where you are going, you might wind up somewhere else………..”

Advertisements

Comments»

No comments yet — be the first.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: