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Boomers Unprepared to Manage Withdrawal of Retirement Funds

Wed, 03/15/2000 - 12:00am — Karen Stevenson
Description: 

National Underwriter interviewed Harris Chorney of KMPG Consulting LLC about a recent KMPG study of how "Baby Boomers" plan to manage their retirement funds. They interviewed Boomers between the ages of 37 and 55 with incomes in excess of $75,000 a year, and found that many respondents were likely to need help in understanding how to manage their funds after retirement. For example, many were unclear about the tax consequences of withdrawing money from their retirement funds, and a number were unsure of their ability to manage large 401(k) or pension portfolios on their own. They also generally didn't know how to prioritize withdrawals of funds from savings accounts, annuities, investments, and IRAs. Many of them recognized the value of getting professional assistance, and expected to seek such help.

National Underwriter interviewed Harris Chorney of KMPG Consulting LLC about a recent KMPG study of how "Baby Boomers" plan to manage their retirement funds. They interviewed Boomers between the ages of 37 and 55 with incomes in excess of $75,000 a year, and found that many respondents were likely to need help in understanding how to manage their funds after retirement. For example, many were unclear about the tax consequences of withdrawing money from their retirement funds, and a number were unsure of their ability to manage large 401(k) or pension portfolios on their own. They also generally didn't know how to prioritize withdrawals of funds from savings accounts, annuities, investments, and IRAs. Many of them recognized the value of getting professional assistance, and expected to seek such help.