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Personal financial planners are listening to behavioral economists.
While discussion about the so-called “retirement crisis” has primarily focused on sufficient savings for retirement, a post-retirement side of the issue has been brewing--the threat of outliving assets. That's becoming a bigger risk than ever, according to personal financial planners.
In an effort to understand and solve this “post”-retirement crisis, personal financial planners at Allianz, a global financial services company, has been tapping into the vast body of academic research by behavioral economists on personal finances.
The Allianz report entitled Behavioral Finance and the Post-Retirement Crisis provides insight from academics on the behavioral aspects of savings for retirement decision-making which will directly impact retirees’ quality of life in the years after they retire. Allianz released the report in May 2010 for its personal financial planners and the public at large.
There are several reasons why personal financial planners should approach the post-retirement crisis from the perspective of a behavioral economist.
By considering the behavior of retirees, personal financial planners can better address the needs of this client segment and tailor solutions to help them achieve a secure retirement. The Allianz report ends with a behavioral economist checklist to help policy makers and others evaluate retirement income strategies from a behavioral perspective.
Topic: Financial Advisors
Subtopics: Introduction to Personal Financial Planners • Value of Financial Advisors • Retirement: The New Target • Behavioral Economists • Retirement Income Industry Association • Retirement Income Security • Four Tips • Two Tips • Four More Tips • The Best Financial Advisors • Ten Barriers