Think people are either pre- or post-retirement? Think again. Both include a spectrum of lifestyles and financial situations, research says, that need specific messaging and support from plan sponsors.
A study about retirement funding and household finance from Hearts & Wallets LLC, a financial research company that studies consumer savings and investing behaviors, finds fewer than half of current retirees use personal assets for retirement income. “It’s not possible to understand retirees as a homogenous group,” says Laura Varas, partner at Hearts & Wallets. “Some have pensions, others simply haven’t saved enough to produce substantial income, and still others, of all wealth levels, are successfully funding their lifestyles with different types of savings or annuities.”