Many retirees have carefully developed income plans. Others just take out some money and hope for the best.
Kiplinger’s Personal Finance and Athene compiled some data on the “whatever” approach to income management in a summary of the results of a survey of 818 American adults, ages 50 and older, conducted in June.
About 35% of retired participants said they did not have a plan in place for deciding how to withdraw money from retirement savings. They said they withdraw the money they need.
Another 16% of retirees surveyed said they were not sure what they were doing regarding retirement income.
You may feel like everyone knows what you know about investing and income planning, but apparently this isn’t true.
Kiplinger’s and Athene included data in their survey summary only for participants with a household net worth of $100,000 or more, not including the value of a primary residence.
Many of the survey participants said they were using savings withdrawal guidelines.