title: Worries and plans as individuals approach retirement.
abstract: The primary objective of an employment-based retirement plan is to provide a secure and adequate income for workers throughout retirement. In the defined contribution (DC) framework, asset accumulation is a means to the end, but not the end. Drawing retirement income from savings and paying for health care expenses in retirement are the two issues that concern individuals the most as they approach retirement. This article examines the attitudes of near-retirees regarding these risks and their plans for managing them. The author discusses how DC plan design can have a major impact on how individuals convert their retirement savings to retirement income; differences in survey responses between those who have consulted a financial advisor or other financial professional and those who have not; and the role of trust in implementing advice.
authors.affiliation: TIAA-CREF Institute, USA.
authors.forename: Paul J
authors.initials: PJ
authors.lastname: Yakoboski
mesh_terms: D000368:Aged; D001290:Attitude; D006801:Humans; D007182:Income; D008875:Middle Aged; D012179:Retirement / Q000191:economics / Q000523:psychology*; D013315:Stress, Psychological; D014481:United States