Clients Have Retirement Savings Plans. Withdrawal Plans? Not So Much

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Turns out all that "save, save, save" advice isn't much help when it's finally time to spend, spend, spend.

Most Americans are flying blind when it comes to a 401(k) withdrawal strategy, according to a new survey from the TIAA Institute and Nuveen. While most have given at least a little consideration, only 22% said they thought about it "a lot." And, nearly all those surveyed wanted more guidance from their employers on how to plan for their retirement income, but even that advice may be too generic. Helping clients craft a strategy to safely spend their retirement nest eggs can be an opportunity for advisors to differentiate themselves and help fill an important planning gap.

"The irony is, the law that created the 401(k) back in 1974 was called the Employee Retirement Income Security Act. Income security. Yet for 50 years, we've designed 401(k) plans almost exclusively as savings vehicles, with no built-in way to convert those savings into lifetime income," said Brendan McCarthy, head of Nuveen Retirement Investing. "The system has done a good job coaching peo

Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/options/articles/clients-retirement-savings-plans-withdrawal-040300461.html)