RICP Retirement Income Literacy Survey. David Littell, Matt Greenwald, Jamie Hopkins

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1 RICP Retirement Income Literacy Survey David Littell, Matt Greenwald, Jamie Hopkins

2 Agenda Why did we conduct the survey? What did we find? What do we do with this information?

3 Presenters Jamie Hopkins Associate Professor and Associate Director of the NYLCRI at The American College Dave Littell Professor and Director of the NYLCRI at The American College Matt Greenwald President of Greenwald & Associates

4 Mission Leadership Elevate the retirement income planning knowledge of financial services professionals in order to improve retirement security for all Americans. Current Priorities & Initiatives Video Library: retirement.theamericancollege.edu Retirement Income Certified Professional (RICP ) Thought Leadership and Visibility RICP Retirement Income Literacy Index Dave Littell, JD, ChFC, CFP Jamie Hopkins, Esq, JD, MBA

5 Retirement Income Literacy Survey Good decisions mean a more secure retirement Blanchett, Alpha, Beta and now Gamma 38% more income Social Security decisions/tax efficiency/minimizing sequence of return Inform consumer education Inform financial professionals Put a spotlight on retirement income literacy

6 Comprehensive Survey Knowledge, behavior, and attitudinal questions - Retirement planning - Ability to maintain lifestyle - Income generation - Annuity and life insurance product knowledge - Social Security - Taxes - Housing - Life expectancy, inflation - Medical and long-term care planning

7 Survey Methodology Respondents had to be ages and have at least $100,000 in investable assets, not including their primary residence. Online survey was conducted between July 17-25, Sample size =1,019

8 Just 2 in 10 Americans surveyed pass the Retirement Literacy Quiz and only a tiny percentage receive a grade of B. No one gets an A. Quiz Grade Based on Total Percentage of Questions Answered Correctly Total (n=1,019) 81% 0%% 1% 5% 13% A (91%- 100%) B (81%- 90%) C (71%- 80%) D (61%- 70%) F (60% or less)

9 More than 2 in 10 fail drastically, responding correctly to 30% or less of the quiz questions. Total Percentage of Questions in Quiz Answered Correctly Total (n=1,019) Fail: 81% 19% 12% 24% 23% 15% 6% 2% Pass (61%- 100%) 51%- 60% 41%- 50% 31%- 40% 21%- 30% 11%- 20% 1%- 10%

10 Surprising Given Limited to those with assets to manage in retirement Demonstrated engagement in own retirement planning - 2/3rds had calculated the cost of retirement Demonstrated basic financial literacy - 84% stock mutual fund safer than individual stock - 90% on impact of inflation on purchasing power

11 Income Basics 3 in 10 knew that working longer or deferring Social Security (2 years) is more effective than saving 3% more in the 5 years prior to retirement 3 in 10 understood the 4% withdrawal rule 43% understood that buying a life annuity with 20-40% of a retirement portfolio can help ensure a basic level of spending throughout retirement 1 in 4 understand that 401(k) benefits are safe from the employer s creditors

12 Social Security 23% understood what happens when the Social Security system runs out of reserves 54% realize that benefits increase each year one delays up to age 70 53% know that it is best to wait until age 70 to claim Social Security if one is going to live to 90

13 Investing in a Retirement Portfolio Less than 4 in 10 know that a person should take the least amount of investment risk right before they retire 35% knew that to maximize the withdrawal rate from a portfolio with 50-60% in equities was better than 25-35% or % 6 in 10 knew that a diversified portfolio of stocks provided better inflation protection than bonds or CDs Risk premium concepts - Lower rated bonds receive a higher yield (25%) - Small cap stocks receive highest average return over the long run (7%) The impact of changing interest rates on the value of a bond mutual fund (39%)

14 Annuity Product Knowledge 6 in 10 do not know the answers to any of the annuity product knowledge questions - Just 1 in 4 know that an annuity paying income of $1,000 a month is generally going to be more expensive the younger the owner is when the payments begin. - Only 13% respond correctly that a deferred variable annuity with guaranteed lifetime withdrawal benefits can pay income even if the investment account goes to zero. - Similarly, just 13% are aware that the lifetime income payout rate for an immediate income annuity for a 65-year-old male today is roughly 6 to 7%.

15 Tax Strategies Nearly 7 in 10 are aware of RMDs at 70 1/2 Did not understand common tax strategies - Only 20% knew that life insurance premiums can be withdrawn first without income tax - Only 36% knew that a lower than normal tax rate would be a good time to convert to a Roth IRA and - Only 45% knew that those over 70 could continue to contribute to a Roth IRA if they were still working

16 Retirement Risks Inflation - Less than 4 in 10 know that the average life expectancy for a man at 65 is about 20 years - More than 4 in 10 would be very likely to plan to make their money last with just a 10% chance of living to that age Long-term care - Just 1 in 4 understand that 70% of the population will need long-term care at some point in their lives. - Less than 2 in 10 know that Medicaid pays for the majority of longterm care expenses. Instead, the plurality believe it is paid for through private payments by individuals.

17 Demographic Characteristics Gender Age Assets Education Other

18 Retirees likely to have and talk to advisor, more than pre-retirees Do you currently have an ongoing relationship with a professional financial advisor who helps you with your finances or investments? Retired (n=775), Not Retired (n=244) How often do you talk with this professional financial advisor, either in-person, by phone, or by ? If have an advisor: Retired (n=527), Not Retired (n=144) Re4red Not Re4red Re#red: No 35% Yes 65% Two or more 4mes a year Once every year 16% 16% 69% 81% Not Re#red: No 41% Yes 59% Once every two years 2% 6% Every three years or less 5% * * = Less than 0.5%

19 Many feel knowledgeable about saving for a comfortable retirement How knowledgeable would you say you (are when it comes/were when it came) to saving for a comfortable retirement? Retired (n=775), Not Retired (n=244) Net Top 2: 34% ReBred Not ReBred Net Middle 3: 65% 10% Net Top 2: 42% 10% 31% 24% 23% 16% Net Middle 3: 55% 28% 34% 8% 8% Net Bo3om 2: 3% Net Bo3om 2: 2% 1% 1% 2% * Extremely knowledgeable (7) (6) (5) Moderately knowledgeable (4) (3) (2) Not at all knowledgeable (1) * = Less than 0.5%

20 Over half of retirees feel they did a very good job of saving for retirement How good of a job do you think you (are doing when it comes/did when it came) to saving for retirement? Retired (n=775), Not Retired (n=244) Re?red Not Re?red Net Top 2: 52% 33% Net Middle 3: 45% Net Middle 3: 59% 29% Net Bo3om 2: 5% 20% 14% 22% 18% 19% 21% 6% 11% Net Bo3om 2: 3% 4% 1% 1% 1% Excellent (7) (6) (5) Moderately good (4) (3) (2) Poor (1)

21 But two in five pre-retirees feel behind schedule When it comes to planning and saving for retirement, would you say that you are? If not retired (n=244) Net Ahead of Schedule: 20% 42% Net Behind Schedule: 38% 30% 7% 13% 8% Very ahead of schedule Somewhat ahead of schedule On track Somewhat behind schedule Very behind schedule

22 The cost of health care heads the list of retirement concerns, followed by cuts to Social Security and Medicare, running out of money is lowest How concerned are you about each of the following in retirement? Total (n=1,019) Re/red (n=775) Net Top 2 Concerned Extremely concerned (7) (6) Not Re/red (n=244) Extremely concerned (7) (6) Cost of health care 27% 21% 48% Cost of health care 33% 20% 53% Cuts to Social Security or Medicare 26% 15% 41% Cuts to Social Security or Medicare 25% 16% 41% Paying for long- term care expenses 16% 18% 34% Paying for long- term care expenses 14% 18% 32% Impact of InflaGon 15% 15% 30% Impact of InflaGon 13% 18% 32% Changes in tax rates 18% 12% 29% Changes in tax rates 16% 13% 29% VolaGlity in investment returns 11% 17% 28% VolaGlity in investment returns 17% 14% 30% Running out of money 8% 7% 16% Running out of money 9% 15% 24%

23 Formal, written retirement plans are uncommon, but more common during retirement Do you have a formal, comprehensive, written retirement plan? Total (n=1,019) Re#red (n=775) Not Re#red (n=244) Yes 30% Yes 20% No 70% No 80%

24 Two-thirds have taken the time to figure out a savings goal for retirement. Have /Did you (or your spouse/partner) ever try to figure how much money you would need to have saved when you retired to live comfortably in retirement? Total (n=1,019) Re#red (n=775) Not Re#red (n=244) No 33% No 33% Yes 67% Yes 67%

25 Despite attention to accumulating money, many fail to plan for other key aspects of their retirement How much thought (have you given/did you give before you retired) to each of the following aspects of starting retirement? Total (n=1,019) Re#red (n=775) A very great deal (7) (6) Not Re#red (n=244) A very great deal (7) (6) What your budget (will/would) look like in re>rement 18% 20% 38% What your budget (will/would) look like in re>rement 13% 26% 39% Where you (will/would) live in re>rement 17% 18% 35% Where you (will/would) live in re>rement 21% 17% 39% How you (will/would) spend your >me in re>rement 10% 21% 31% How you (will/would) spend your >me in re>rement 16% 16% 32% How you (will/would) replace the meaning you receive from work when you re>re 7% 15% 22% How you (will/would) replace the meaning you receive from work when you re>re 14% 15% 29% What impact re>rement (will/would) have on your rela>onship with family and friends 5% 8% 13% What impact re>rement (will/would) have on your rela>onship with family and friends 9% 8% 16%

26 Most also fail to seriously consider issues that can derail retirement security, such as health and long-term care, other retirement risks, and taxes How much thought have you given to each of the following issues that occur throughout retirement? Total (n=1,019) Re#red (n=775) A very great deal (7) (6) Not Re#red (n=244) A very great deal (7) (6) Dealing with changing health and long- term care issues 16% 18% 34% Dealing with changing health and long- term care issues 18% 19% 37% Risks that could undermine your re?rement 12% 16% 28% Risks that could undermine your re?rement 9% 20% 29% Your taxes in re?rement 11% 16% 27% Your taxes in re?rement 11% 18% 29%

27 While 4 in 10 report giving substantial thought to how to withdraw income from assets and how much, fewer have strategized about generating retirement income How much thought have you given or did you give to each of the following? If retired (n=775) A very great deal (7) (6) How much income your nest egg will produce over the years 18% 23% 40% The most efficient way to take income from your nest egg 18% 21% 39% Strategies for generaeng income in reerement 12% 15% 27%

28 Only a minority of married consumers have given a great deal of thought to the financial consequences if their spouse were to predecease them. How much thought have you or did you give to each of the following if your (spouse/partner) were to die before you? If married or live with partner (n=795) Re#red (n=612) A very great deal (7) (6) Not Re#red (n=183) A very great deal (7) (6) What your financial circumstances would be like 20% 19% 40% What your financial circumstances would be like 20% 15% 34% How much money you would need 17% 16% 33% How much money you would need 19% 13% 32% How much your Social Security benefits may be reduced (If married, n=556) 14% 10% 24% How much your Social Security benefits may be reduced (If married, n=206) 13% 11% 24%

29 Other Surprises, Comments?

30 What s Next?

31 Questions?

32 Thank You! To Register for the RICP 3 Course Package please visit: ricp.theamericancollege.edu

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