Client Conversations
Uncover Your Retirement Clients' Preferences with our Spender/Saver Score
Conventional wisdom assumes all retirees spend their balance through retirement, buying the same amount of goods and services each year. But different retirees have different spending and saving preferences.
Our research discovered that some retirees draw down their account balance and some maintain, or even grow, their balance throughout retirement.
Have your clients answer these questions to uncover their preferences and use the insight to better align solutions to who they are. Write the number that corresponds with the answer in the box provided.
#1
Thinking about people roughly your age from all walks of life, would you say your household net worth (all assets minus all debts) is:
1. A lot lower than average
2. Lower than average
3. About average
4. Higher than average
5. A lot higher than average
#2
Which of the following statements most closely resembles how you plan to manage your account balances in retirement?
1. I will withdraw whatever funds I need to maintain my lifestyle
2. I will take systematic withdrawals of either a set amount of money or a percentage of my savings each month
3. I will plan to spend down my entire balance over my retirement
4. I will try to maintain my account balance
5. I will try to increase my account balance
#3
When you think about how you will manage your retirement savings, which of the options below most closely resembles your approach?
1. I will use my savings to generate income
2. I will use my savings to support my spending
3. I will preserve some savings to distribute to heirs or charity in the future
4. I will set aside some savings for future events
5. I will manage my withdrawals to maintain a relatively consistent retirement savings balance
#4
Which of the following best describes you?
1. Very enthusiastic spender
2. Enthusiastic spender
3. Average spender
4. Reluctant spender
5. Very reluctant spender
#5
How strongly do you agree/disagree with the statement: “Saving makes me feel gratified”?
1. Strongly disagree
2. Somewhat disagree
3. Neither agree nor disagree
4. Somewhat agree
5. Strongly agree
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