A new model for retirement education and counseling
DOI:
https://doi.org/10.61190/fsr.v17i2.4910Keywords:
Baby boomer retirement, Retirement education, Retirement planning, RetirementAbstract
Many research studies have illustrated that Americans are not adequately planning for their retirement futures and not taking advantage of the retirement programs being made available to them at their worksite. This paper combines original research conducted by the International Foundation for Retirement Education (lnFRE) as part of the InFRE Retirement Readiness Project with other studies that have been conducted over the past few years to examine the current state of retirement readiness and why workers' perceptions about their retirement futures generally do not match their actions. The conclusions from this research suggest changes to employer-sponsored Section 457, 40l(k), and 403(b) plans to enhance education and counseling services to address total retirement well-being. The research also suggests modifications to the retirement plan design to simplify and automate enrollment, investment strategies, and distribution choices that can provide income over the participants retirement lifetime.
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