There is a retirement planning crisis in this country. Whether because they can’t, they don’t know how, or they don’t know they should, people are not saving what they will need even to be sure they won’t outlive their savings. Tools are available to help, but many people don’t utilize them. There is opportunity for financial institutions and advisers in the retirement planning market, but educating people has to be part of the process.
Doing that, however, requires resources as well as the willingness to work with clients who may not fit the typical profile of advice clients. This report examines some of the factors behind this crisis, as well as some steps institutions and advisers can take to help consumers save the money they need to enjoy the retirement they want.