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2014 Conference

April 9–11, 2014

Intercontinental, Milwaukee, WI

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More is Better: A Comparison of Retirement Planning Strategies

Thursday, April 10, 2014 at 2:30 PM–4:00 PM Central Time (US & Canada)
Salon 4
Short Abstract

 

Most Americans have not estimated how much they need to save for retirement. This lack of awareness may contribute to low levels of retirement savings. We investigate the relation between planning and retirement wealth and find that respondents who estimate how much they need to save for retirement have significantly higher retirement wealth. Respondents who rely on a financial planner to help plan for retirement save more than those who do it themselves. Advising services that did not involve estimation of retirement needs had no measurable value. Results suggest that planning, particularly with the help of a financial planner associated with calculating retirement income need, improves retirement outcomes.

 

First & Corresponding Author

Dr Terrance K Martin, Jr, PhD, Univeristy of Texas Pan American

Add'l Authors In The Order To Be Printed

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