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15 Considerations when Planning for Retirement

  • Sherman D. Hanna , Kyoung Tae Kim und Sunwoo T. Lee
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De Gruyter Handbook of Personal Finance
Ein Kapitel aus dem Buch De Gruyter Handbook of Personal Finance

Abstract

The United States has been experiencing a “gray tsunami” due to its aging population and increased life expectancy. Although this is true in the United States, a similar aging trend is occurring worldwide. These demographic trends will have significant impacts on retirement planning in policy debates such as pension reform, social benefit reform, income tax laws, and retirement pension plans. This chapter provides a comprehensive overview of considerations and salient factors when planning for retirement, discusses some perspectives on various issues related to retirement savings, and planning for later life financial stability. The chapter also provides a discussion of the tools and techniques used in retirement planning, including capital needs analysis and assessment of retirement adequacy.

Abstract

The United States has been experiencing a “gray tsunami” due to its aging population and increased life expectancy. Although this is true in the United States, a similar aging trend is occurring worldwide. These demographic trends will have significant impacts on retirement planning in policy debates such as pension reform, social benefit reform, income tax laws, and retirement pension plans. This chapter provides a comprehensive overview of considerations and salient factors when planning for retirement, discusses some perspectives on various issues related to retirement savings, and planning for later life financial stability. The chapter also provides a discussion of the tools and techniques used in retirement planning, including capital needs analysis and assessment of retirement adequacy.

Kapitel in diesem Buch

  1. Frontmatter I
  2. Contents V
  3. List of Contributors IX
  4. Preface XXI
  5. Part I: Introduction to the Discipline of Personal Finance
  6. 1 Defining Personal Finance 1
  7. 2 Personal Finance: A Policy and Institutional Perspective 17
  8. 3 Personal Finance: A Practice Perspective 35
  9. 4 Personal Finance: An International Perspective 49
  10. 5 Theories of Personal Finance 67
  11. Part II: Saving, Investing, and Asset Management
  12. 6 Budgeting and Cash Flow Management 87
  13. 7 Patterns of Asset Ownership 101
  14. 8 Approaches to Saving 119
  15. 9 Financial Risk Tolerance 137
  16. 10 Accounting for Time When Saving and Investing 157
  17. 11 Household Financial Ratios 171
  18. 12 Income, Income Transfers, and Taxes 189
  19. 13 The Use of Credit in the Consumer Marketplace 205
  20. 14 Debt and Mortgage Choices 219
  21. 15 Considerations when Planning for Retirement 235
  22. 16 Generating Income in Retirement Using Systematic Withdrawal Strategies with Investments 255
  23. 17 Small Business Ownership: Impact of the Lack of Transparency and Separation on Small Business Finances 269
  24. 18 Applying Investing Theory to Practice 287
  25. Part III: Financial Security
  26. 19 The Role of Insurance as a Household Financial Management Tool 307
  27. 20 Health and Financial Well-Being 329
  28. 21 Household Debt Behavior 347
  29. 22 Financial Security: Protecting the Health of Consumers 365
  30. 23 Accounting for Retirement Asset Distributions during the Decumulation Stage of Life 383
  31. 24 The Evolution of Financial Services in the Digital Age 405
  32. Part IV: Future Directions
  33. 25 Behavioral Economics and Financial Decision Making 433
  34. 26 The Role of Socialization in Shaping Personal Finance Attitudes and Behaviors 451
  35. 27 Measuring and Applying Financial Literacy 473
  36. 28 Money Psychology: Beliefs and Behaviors about Investing, Saving, and Spending 491
  37. 29 Financial and Relationship Satisfaction 509
  38. 30 The Growing Role of FinTech and Robo-advisors 529
  39. 31 The Use of Financial Advice: Consumers’ Financial Advice-Seeking 551
  40. 32 The Future of Payments: Cash, Cryptocurrencies, and Peer-to-Peer Payments 569
  41. Part V: Summarization
  42. 33 Personal Finance Research: An Editor’s Perspective 585
  43. 34 The Future of Personal Finance: An Educational and Research Agenda 599
  44. List of Figures 613
  45. List of Tables 615
  46. About the Editors 617
  47. Index 619
https://doi.org/10.1515/9783110727692-015

Kapitel in diesem Buch

  1. Frontmatter I
  2. Contents V
  3. List of Contributors IX
  4. Preface XXI
  5. Part I: Introduction to the Discipline of Personal Finance
  6. 1 Defining Personal Finance 1
  7. 2 Personal Finance: A Policy and Institutional Perspective 17
  8. 3 Personal Finance: A Practice Perspective 35
  9. 4 Personal Finance: An International Perspective 49
  10. 5 Theories of Personal Finance 67
  11. Part II: Saving, Investing, and Asset Management
  12. 6 Budgeting and Cash Flow Management 87
  13. 7 Patterns of Asset Ownership 101
  14. 8 Approaches to Saving 119
  15. 9 Financial Risk Tolerance 137
  16. 10 Accounting for Time When Saving and Investing 157
  17. 11 Household Financial Ratios 171
  18. 12 Income, Income Transfers, and Taxes 189
  19. 13 The Use of Credit in the Consumer Marketplace 205
  20. 14 Debt and Mortgage Choices 219
  21. 15 Considerations when Planning for Retirement 235
  22. 16 Generating Income in Retirement Using Systematic Withdrawal Strategies with Investments 255
  23. 17 Small Business Ownership: Impact of the Lack of Transparency and Separation on Small Business Finances 269
  24. 18 Applying Investing Theory to Practice 287
  25. Part III: Financial Security
  26. 19 The Role of Insurance as a Household Financial Management Tool 307
  27. 20 Health and Financial Well-Being 329
  28. 21 Household Debt Behavior 347
  29. 22 Financial Security: Protecting the Health of Consumers 365
  30. 23 Accounting for Retirement Asset Distributions during the Decumulation Stage of Life 383
  31. 24 The Evolution of Financial Services in the Digital Age 405
  32. Part IV: Future Directions
  33. 25 Behavioral Economics and Financial Decision Making 433
  34. 26 The Role of Socialization in Shaping Personal Finance Attitudes and Behaviors 451
  35. 27 Measuring and Applying Financial Literacy 473
  36. 28 Money Psychology: Beliefs and Behaviors about Investing, Saving, and Spending 491
  37. 29 Financial and Relationship Satisfaction 509
  38. 30 The Growing Role of FinTech and Robo-advisors 529
  39. 31 The Use of Financial Advice: Consumers’ Financial Advice-Seeking 551
  40. 32 The Future of Payments: Cash, Cryptocurrencies, and Peer-to-Peer Payments 569
  41. Part V: Summarization
  42. 33 Personal Finance Research: An Editor’s Perspective 585
  43. 34 The Future of Personal Finance: An Educational and Research Agenda 599
  44. List of Figures 613
  45. List of Tables 615
  46. About the Editors 617
  47. Index 619
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Heruntergeladen am 14.12.2025 von https://www.degruyterbrill.com/document/doi/10.1515/9783110727692-015/html?srsltid=AfmBOoru0MYCxsIYn-t3EI6Xlb9_nQFvC_Z9WIzmjjKEKmfmwKsyptRp
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