Q3 — 2017 :
Chapter 01
New Experts on Aging, Finances in Retirement, and Age-Friendly Communities
Finances in Retirement: New Challenges, New Solutions

Finances in Retirement: New Challenges, New Solutions is a Merrill Lynch Retirement Study, conducted in partnership with Age Wave. This is the capstone of eight studies, and concludes a first-of-its-kind, four-year, 50,000-respondent investigation series focused on the transforming nature of retirement through seven interconnected “life priorities” – family, work, health, home, giving, leisure and finances.

The Retirement Study summarizes how the financial landscape of retirement is changing, integrates the financial implications and challenges of each of the Life Priorities in retirement, and examines the choices and changes that people can make to become more financially secure in retirement. Individually, each of these studies is groundbreaking. Collectively, they provide perspectives, unprecedented in both comprehensiveness and insight, into how Americans can thrive as they move into and through retirement. On February 15, Merril Lynch held a virtual media briefing that included a presentation followed by a Q&A. Featured presenters included Lorna Sabbia, Head of Retirement & Personal Wealth Solutions at Bank of America Merrill Lynch, Dr. Ken Dychtwald, CEO and Founder of Age Wave and Kevin Crain, Head of Workplace Financial Solutions for Bank of America Merrill Lynch. Dychtwald is a member of the Milken Institute Center for the Future of Aging Advisory Board.

Key topics that were covered during the briefing: 

  • The transforming retirement funding landscape, ushering in a model in which successive generations, particularly Millennials, are more than ever personally responsible for financing their own retirement
  • Bridging the intention-action gap: Key challenges hindering people from reaching their retirement savings goals, which comes as retirement becomes the most expensive purchase of a lifetime
  • Top triggers and barriers to funding retirement, spanning a lack of financial education and positive role models, and beliefs (across generations) that finance topics are too taboo to discuss openly
  • Money-saving trade-offs and course corrections Americans would consider making to improve their financial security in retirement – from working longer and downsizing, to engaging in the growing gig economy

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