Here’s a query: You’ve constructed up a large nest egg at your job, and also you’re about to retire. What are your plans on your hard-earned savings?
For almost a 3rd of employees, the reply is “I don’t know.”
Those have been the findings from a current survey by the Employee Benefit Research Institute, a analysis group that focuses on well being, savings and retirement. EBRI carried out an internet ballot of two,042 adults in January.
“In most cases, you would expect people to do a couple of things: You wouldn’t use all of it to buy lifetime income and you’d want to keep some of it for emergencies,” mentioned Craig Copeland, a senior analysis related at EBRI.
“It’s troubling that they can’t recognize what they think they’d be doing,” he mentioned.
Here’s why it is smart to develop an end-game on your 401(ok) savings.