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September 18, 2009 at 08:00 PM
A recent survey shows that pre-retirees are focusing on having an income that can maintain their standard of living in retirement.
The survey polled about 1,000 people, ages of 50-70, who work in higher education and participate in a retirement plan. It was conducted in April and May by TIAA-CREF Institute, New York, in conjunction with PublicMind, the polling institute of Farleigh Dickinson University, Madison, N.J.
Among those polled, 87% said they believe advice about strategies for drawing income to live on in retirement is important to them, and 86% say the same about advice on how to pay for health care in retirement.
Also, 60%, said they have sought out objective retirement planning advice within the past 2 years. Of those, 85% describe that advice as independent and objective, and 69% say they typically implement the recommendations received, the researchers say.
The top reasons cited for seeking advice include: how to invest savings (89%); how much to save (60%); and how to draw income to live on from savings upon retirement (50%).
Meanwhile, two-thirds say they are concerned about outliving their savings and about choosing the best way to draw income to live on from their savings, says TIAA-CREF.
