Both Sides of Retirement and Higher Education Institutions

Carol Patten has written a two-part report on higher education and retirement. Part one is titled "Prepping Employees for their Golden Years"; part two is titled "Retirement's Other Side: Addressing the Emotional Consequences." It's of interest to many SCUPers both in terms of their planning roles and their own (largely Boomer) retirement intentions:

Misconceptions about retirement are fairly common. In July, the MetLife Mature Market Institute (MMI) surveyed more than 1,200 working people between the ages of 55 and 65 about retirement income issues. Almost seven in 10 (69 percent) overestimated how much they could withdraw from their savings each month. Forty-three percent believed they could withdraw 10 percent or more each year while still preserving their principal, even though most retirement experts suggest no more than 4 percent annually. . . . More than half (60 percent) underestimated life expectancy, while 49 percent underestimated the amount of pre-retirement income they’ll need during retirement. Worse yet, 45 percent live paycheck to paycheck, 26 percent sometimes struggle to pay bills, 69 percent don’t feel they’re in control of their finances, and 51 percent don’t know how many years of retirement they have planned for, according to survey results.