退休人员是否有效地花费储蓄？

Blackrock认为成功的解决方案将超越投资产品，以重新定位参与者的“收入作为结果”。这包括帮助清楚地解释今天的贡献如何转化为潜在的退休收入，并帮助简化和简化通过年内保证收入的复杂性。

“All hands on deck” moment

The U.S. is facing a retirement crisis. Forty percent of households approaching retirement age have zero savings, and a quarter of American seniors could not fund two years of paid home care even if they liquidated all of their assets.¹Covid-19危机放大了这些令人不安的趋势，强调了必须做的工作，为工人提供长期稳定和安全性。

“我们将此视为一体化的甲板时刻，需要在整个退休生态系统上进行合作，我们致力于做我们的部分，”Blackrock的退休组织负责人Anne Ackerley说。“在我们与客户的谈话中，退休保障是一个首要任务，因为它必须是我们所有人。”

诺贝尔·莱克特（Bill Sharpe），叫做退休的解放“金融最严重的，最艰难的问题”。²And research has shown it’s certainly a subject that keeps a lot of people up at night. Massive progress has been made in recent years regarding defined contribution (DC) plan participation, and target date funds (TDFs) have proven to be a reliable go-to for investors and plan sponsors. The overall success of TDFs has created whatRobert Crothers那Director, Head of Product for BlackRock’s Retirement Group, calls an “ecosystem” in which to best develop solutions for retirement income. For this conversation with II on what is perhaps currently the most innovative solve for retirement income, Crothers, who oversees all product management and development functions for BlackRock’s retirement products, was joined by尼克尼福园，董事总经理，Blackrock的LifePath®目标日期基金特许经营权，以及Blackrock退休组的投资策略负责人。

为什么这么多的美国工人仍然对他们是否有足够的资金来退休 - 以及特别是关于退休期间收入的严重担忧？

Robert Crothers:It’s a combination of things. First, just the sheer number of people retiring. There is some data that suggests as many as 10,000 baby boomers reach retirement age every day.^3.该代的规模更加注重退休准备。而且，当然，人们今天的人们可以获得甚至10年前的案例才能获得界定的福利（DB）计划。从本质上讲，我们从公司带上的市场搬迁并在邮件中发送了一张支票或定期向退休负担主要转移到个人的市场。这是一个简而言之，已经生产了一个模型，你将退休人员一块钱检查，并说，“祝你好运！”- 有限或没有指导，有限或没有金融健康或金融扫盲教育。

我们在哪里关于美国工人的曲线，实现和行动退休储蓄和收入确实取决于他们？

Nick Nefouse：访问就是一切。大约一半的国家哈s access to a 401(k) plan. That half of the country seems to be well on the path to retirement, or at least has a good starting point on that path. Half of the country doesn’t have a 401(k), and not always for bad reasons. Many small businesses and startups likely won’t have a plan in place, some workers are transient, and so forth. People who have access to 401(k) plans tend to do a better job saving because the features of plans have evolved to allow them to save. [Nobel Prize-winning economist Richard] Thaler coined what he calls libertarian paternalism, and the idea, to paraphrase, is that you have a lot of choices, but if you choose nothing, “we’re” going to take care of you. In the context of this discussion, the “we” are plan sponsors and the features of a DC plan, such as auto-enrollment, auto-escalation, and target date funds. When you combine those things, you can get better savings rates – but DC plans aren’t everywhere yet.

女郎：如果您认为从工作年内的积累过渡到退休的解裁，则充满了不明确的事物的不确定性和问题 - 您会居住多久？与生活中的健康有关的支出将是什么？这个问题不仅仅是潜在的数学上很难，而且还困难，因为有涉及的行为和个人元素。Your decision to retire is arguably one of the most uncertain periods of your working life because you don’t know what the future holds – but still you’re expected to plan and spend and save perfectly without a tremendous amount of guidance, and without the safety of a paycheck throughout retirement.

最近有趣的洞察力从计划提案国听取了参与者行为的哪些有趣？

Nefouse:一个共同的线程是投资行业和计划的赞助商在帮助人们获得401（k）计划时，帮助人们积累了财富。有一般同意，401（k）次与目标日期基金往往有低成本，专业管理和多元化的投资组合。并且存在彼此良好的 - 自动注册，自动升级以及这些事情的同意，以及您的美元费用平均会进行。所有这些事情都非常好。但对于投资者来说，当退休到达时仍然存在不确定性，它表现出自身的行为。例如，人们将在退休时担任其账户余额。我们看着一群人纳入退休18岁，仍然占他们的80％的财富。65年的平均寿命是大约19年，所以我们所看到的是一些人仍有80％的财富退休后的财富。他们锚定了一个数字，只是花费他们的资本收益和社会保障。与他们的全部潜力花费相比，它们的效果与它相比，它们相比之下。 Plan sponsors are seeing this, particularly more paternalistic ones, and trying to offer ways to help.

Further, an economic environment like the one we’re currently in – market volatility, uncertainty around what’s going on economically – can take an economic toll on someone who is at or near retirement. If you have 30 or 40 years of your working life to ride out volatility, that’s fine. But if you’re near retirement, can you see a major market dip a few months down the road? Maybe, maybe not. And if you’re relying on asset spend down to fund retirement spending, how does volatility and growth and income all balance together? These are very top-of-mind questions for people in that position today, who for 10 years saw the market go up pretty consistently, but have seen the opposite for a vast majority of this year.

What is needed to help address the challenges of generating retirement income?

女郎：的总体目标,加强退休收入溶解tions is to create simple access to guaranteed income. In a way, it’s almost like bringing back a DB-like experience for a participant cohort that hasn’t necessarily had access to a DB plan and likely won’t in the future. We find that plan sponsors are looking for better retirement income solutions to help improve certainty that participants can retire with dignity, and participants are looking for certainty around what they’re going to get – a guaranteed income stream to go along with Social Security and any other assets they might have to spend.

作为DC中的重要参与者，我们知道人们需要有帮助解体，并且只需有一个大型菜单，或者资金组合，不会导致退休的明显收入。相反，作为一个行业，我们需要通过解决方便，选择和成本来解决简单性。

您如何接近教育参与者关于退休收入？

Nefouse:Simplicity. If you’re buying a new car and the salesperson is telling you about the engine, the exhaust system, and powertrain, you may not understand – and that’s often how conversations about investing happen. People really just want to understand the benefits and cost in uncomplicated terms.

当我们谈论退休人员的个人收入而不是账户余额时，我们也看到了良好的参与。人们知道他们有一个平衡，但他们不知道退休20万美元或者有点少，或者如果100万美元是很多或一点。当您对他们实际上需要多少钱时，他们可能会感兴趣。

4.01(k) plans are entering a new phase: an era of decumulation. More assets are now flowing out of America’s 401(k) plans than being contributed from participants’ paychecks.^4.随着这种变革，计划赞助商现在发现自己转移到帮助退休的参与者了解并履行退休度假需求。

如上所述，最近与Blackrock结合的报告员工福利研究所(“EBRI”) found that across all wealth levels, most current retirees still have 80% of their pre-retirement savings after almost two decades in retirement. Digging deeper, across all wealth levels measured, more than one third of current retirees actuallygrew他们的资产 - 在桌面上留下了相当大的潜在退休收入。

Looking forward: retirees may need to spend down their assets

Many of the retirees captured in thisresearchwere fortunate to be able to maintain a reasonable standard of living without significantly tapping into their retirement savings principal. This may not be the case for future retirees as a result of:

• 养老金福利：平均而言，42％的退休人员在研究中履行了DB养恤金计划的收入;在未来10 - 20年内退休的人数很少有人可以从DB计划中预期收入。^5.
• 社会保障：Income from Social Security is the largest component in the retirement income mix for all retirees, but pressure on Social Security finances could lead to a future drop in benefits.^6.
• Rates of return:在过去的35年里，一系列广泛的资产类别提供了强大的回报;在Blackrock，我们认为，预计未来的资产课程较少的资产课程将在同一水平上表现。
• Savings behavior:未来退休人员可能更依赖于他们的储蓄而不是前几代人，并且可能需要制定制定退休资产的战略。
• 寿命更长：人们在某些情况下持续更长时间，需要将退休资产更长更长时间。^7.

转移人口统计和更具挑战性的市场环境仅提高帮助退休人员最大限度地提高退休储蓄价值的复杂性和重要性。但随着储蓄行为，稳定和一致的投资，以及如何产生退休收入的教育，我们相信未来退休人员可以采取必要的步骤，舒适的生活水平。

要了解有关准备转移到退休支出的更多信息，请下载全文。

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1. _{高，“消费者财务调查”2016;健康事务，“老年人的有偿家庭护理的财务负担：最古老和疾病的最不可能有足够的收入，”2019}
2. _{https://www.bloomberg.com/opinion/articles/2017-06-05/tackling-the-nastiest-hardest-problem-in-finance}
   
3. _{https://www.census.gov/newsroom/press-releases/2018/cb18-41-population-proipples.html.}
4. _{员工利益安全管理，美国劳工部。私人养老金计划公告历史表和图表1975-2016，2018年12月，p。25，https://www.dol.gov/sites/default/əles/ebsa/researchers/statistics/retirement-bulletins/private-pension-plan-bulletinhistorical-tables-and-graphs.pdf.}
5. _{EBRI, FAQs About Benefits—Retirement Issues: What are the trends in U.S. retirement plans?}
6. _{2019年联邦养老师托管委员会的年度报告，幸存者保险和联邦残疾保险信托基金，2019年4月，https://www.sa.gov/oact/tr/2019/index.html。}
7. _{疾病控制和预防中心。美国预期寿命在美国65岁以下从1950年到2016年，https://www.cdc.gov/nchs/data/hus/2017/015.pdf。}

This material is provided for educational purposes only and should not be construed as research. The information presented is not a complete analysis of the global retirement landscape. The opinions expressed herein are subject to change at any time due to changes in the market, the economic or regulatory environment or for other reasons. The material does not constitute investment, legal, tax or other advice and is not to be relied on in making an investment or other decision.

投资涉及风险，包括校长可能损失。资产分配模型和多​​元化不承诺任何级别的性能或抵御校长损失。目标日期基金的投资受潜在资金的风险。目标日期是投资者计划开始撤回金钱的大致日期。基金的主要价值在任何时候都不保证，包括在目标日期和之后。

The opinions expressed in third party articles or content do not necessarily reflect the views of BlackRock. BlackRock makes no representation as to the completeness or accuracy of any third party statement.

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