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February 10, 2020 at 02:31 PM
Pre-retirees are nearly as anxious about what the future holds as they are about the present, according to research released Monday by Charles Schwab.
Sixty-five percent of study participants within five years of retirement reported feeling overwhelmed by saving enough now for retirement, and 52% said they were overwhelmed by how they would ultimately manage their different income sources once they were retired.
The research suggested a good reason for pre-retirees’ angst: Many were unfamiliar with or worried about important basics regarding retirement income.
Seventy percent of respondents said they knew little or nothing about annual required minimum distributions, and a similar percentage were uninformed about tax implications of retirement account withdrawals.
Nearly half worried about paying too much for advice on managing retirement income.
“So much of the emphasis around retirement planning is on helping people save, but helping them transition into spending down from their portfolios in retirement is just as important,” Tobin McDaniel, senior vice president of digital advice and innovation at Charles Schwab, said in a statement.
Logica Research conducted an online survey from June 27 to July 16 among 1,000 Americans aged 55 and older with $100,000 or more in investable assets. Respondents said they were retired or within five years of retirement.
Overwhelming and Complex
Managing retirement income was more overwhelming for most pre-retirees in the survey than many other financial moments typically considered stressful, such as losing a job, buying a home and paying for college.
