Consumer insights on managing funds at retirement
According to recent studies, many consumers at and near retirement are unprepared to meet retirement challenges. To help consumers make well-informed financial decisions and achieve their financial goals, the CFPB commissioned research to better understand solutions to some of the challenges that consumers face in planning for their upcoming retirement and in spending their funds during retirement.
Specifically, the Bureau wanted to learn how consumers respond to retirement planning and account management prototypes that encourage optimal choices through two approaches: simplification and precommitment.
The results of the research can inform financial education strategies that could help consumers better navigate these challenges, make informed decisions, and achieve greater financial well-being after they retire.