Post-Retirement Needs and Risks
The SOA Committee on Post-Retirement Needs & Risks (PRNR) develops and partners on a variety of research on the risks, attitudes and concerns of retirees and pre-retirees (those preparing for retirement). Access the different research and related resources.
Highlights of Research by Topic or Theme
Impact of COVID-19
- Informal Caregiving: Measuring the Cost and Reducing the Burden
- April 2023
- The SOA Research Institute Aging and Retirement Strategic Research Program and the Long-Term Care Insurance Section are pleased to make available a research report analyzing the need for informal caregiving and its impacts on employees, employers, and other stakeholders.
- COVID Aging and Retirement Research: What’s Been Done and What’s to Come?
April 2022
The Society of Actuaries (SOA) Research Institute Aging and Retirement Program presents this report which provides an overview of how COVID-19 and the related societal changes have affected U.S. employers and individuals as we focus on retirement, identifies some of the current uncertainties, and provides ideas and questions for thinking about the future. - COVID-19 Retirement Section Member Survey Results
September 2020
The Society of Actuaries issued a brief qualitative survey to its Retirement Section members to gain insight as to how COVID-19 is impacting the retirement programs and organizations they support, and also how it is impacting their work. The survey results are intended to help members compare their thinking and future expectations of COVID-19 with their peers, as well as inform future research efforts. - Defined Contribution Plans, Emergency Funds and COVID-19
July 2020
This report is based on a conversation among actuaries from the SOA Retirement Section Council and the Retirement Section Defined Contribution Initiative Project Oversight Group. The report summarizes observations raised during the conversation about the current issues being discussed with clients to deal with immediate concerns as well as broader considerations about defined contribution plans, emergency funds and financial wellness. - COVID-19 and Working in Retirement
June 2020
This report summarizes thoughts and questions about the impact of COVID-19 on working in retirement, phased retirement and how the definition and timing of retirement may change. It provides a synthesis of expert input and offers background on related research results. It also describes other issues for further consideration. - Defined Benefit Plans and COVID-19: Immediate Challenges for Plan Sponsors
June 2020
This report summarizes observations raised during a conversation among actuaries from the Retirement Section Council and the Retirement Section Research Committee who are currently actively working with defined benefit plans in the United States and Canada. This report includes current issues being discussed with clients to address immediate concerns as well as broader considerations about defined benefit plans. - Impact of COVID-19 on Family Dynamics in Retirement
May 2020
This report summarizes thoughts and questions raised during the conversation focused on how COVID-19 impacts families and their role in retirement and economic security across generations. - Impact of COVID-19 on Aging and Retirement Essay Collection
May 2020
The Society of Actuaries’ Aging & Retirement Strategic Research Program is pleased to make available essays received in response to its Call for Essays on the impact of COVID-19 on aging and retirement. The purpose of the essay call is to gather perspectives, opinions and data on the short and long-term consequences of COVID-19 on aging and retirement. - Impact of COVID-19 on Senior Housing and Support Choices
April 2020
This report summarizes thoughts and questions raised during the conversation focused on the possible impact of COVID-19 on senior housing and related decisions that retirees and their families may need to make. - Impact of COVID-19 on Retirement Risks
April 2020
his issue brief summarizes the thoughts and questions raised during the conversation about the potential impact of COVID-19 on retirement risks and planning, and it provides an overall background on these issues.
Retirement Risk Survey Series
This biennial survey evaluates Americans’ awareness of potential financial risks in retirement, how this awareness impacts the management of their finances with respect to retirement, and how Americans are managing the process of leaving the workforce.
- 2021 Risks and Process of Retirement Survey
January 2023
The Society of Actuaries Research Institute’s Aging and Retirement Strategic Research Program is pleased to make available material from the latest biennial survey, Risks and Process of Retirement.
2021 Retirement Risk Survey Highlights - 2021 Retirement Risk Survey Report of Findings
- 2021 Retirement Risk Survey Brief – Identifying Retirement Risks and Trends
- 2021 Retirement Risk Survey Brief – The Impact of COVID-19 on Financial Stress
- 2019 Retirement Risk Survey
August 2020
The Society of Actuaries’ Aging and Retirement Strategic Research Program is pleased to make available material highlighting important findings for the biennial survey, Risks and Process of Retirement. -
2019 Retirement Risk Survey
2019 Financial Expectations of Pre-Retirees Versus Realities of Retirees Brief
2019 Work and Lifetime Financial Security Brief
2019 Risks and Process of Retirement Survey: Key Findings and Issues - The Realities of Retirement
2019 Risks and Process of Retirement Survey: Key Findings and Issues - Overview Report
55th Actuarial Research Conference Session on Retirement Risks: Pre and Post-COVID-19 – Findings from the 2019 Retirement Risk Survey
2019 Risks and Process of Retirement Survey Fast Facts - 2017 Retirement Risk Survey
May 2018
The SOA Committee on Post Retirement Needs and Risks is pleased to make available the full report, an overview report, and other reports highlighting important findings for the biennial survey, Risks and Process of Retirement.2017 Retirement Risk Survey
2017 Risks and Process of Retirement: Key Findings & Issues
2017 Risks and Process of Retirement: Financial Wellness
2017 Risks and Process of Retirement: Housing in Retirement
2017 Risks and Process of Retirement: Caregiving for Older Individuals: Perspectives of the Caregiver and the Care Recipient
2017 Risks and Process of Retirement: Planning for Personal Long-Term Care Risk
Fast Facts: 2017 Risks and Process of Retirement Survey - 2015 Retirement Risk Survey
- 2013 Retirement Risk Survey
- Key Findings and Issues-Understanding and Managing the Risks of Retirement
Key Findings and Issues - Experiencing Change in Retirement
Key Findings and Issues - Personal Risk Management
Key Findings and Issues – Impact of Retirement Risk on Women
Material Related to the Report on Impact of Retirement Risk on Women
Presentation of the Retirement Risk Survey and Focus Groups
- Key Findings and Issues-Understanding and Managing the Risks of Retirement
- Two Surveys: Understanding and Managing Retirement Risks in Canada and the United States
December 2012
This paper examines the similarities and differences in the results of surveys of the Canadian and U.S. populations. - 2011 Retirement Risk Survey
- 2009 Retirement Risk Survey
- 2007 Retirement Risk Survey
- 2005 Retirement Risk Survey
- 2003 Retirement Risk Survey
- 2001 Retirement Risk Survey
Middle Market Retirement
The middle market is an important focus of PRNR work. This group is often underserved by the financial services industry, and many people in this group do not secure adequate resources for retirement.
- Segmenting the Middle Market: Retirement Risks and Solutions-Phase 1 Report Update to 2010 Data
January 2013
The Phase 1 effort defined relevant consumer segments among middle-income / mid-level net worth households as shown in the Federal Reserve Board’s Survey of Consumer Finances (SCF). This report updates the Phase 1 analysis with 2010 SCF data. - Approaching the Underserved Middle-Market: Insights from Planners
December 2012
A summary of focus groups with financial planners, the goal of the sessions was to learn how advisors are reaching out to this market and to uncover the roadblocks that they think are deterring greater mid-market use of financial services. - Segmenting the Middle Market: Retirement Risks and Solutions–Phase 2 Report
September 2010
Phase 2 identifies basic issues and potential solutions that are important as mid-level net worth households in or near retirement address the financial risks they face in contemplating retirement. - Segmenting the Middle Market: Retirement Risks and Solutions–Phase 1 Report
April 2009
The Phase 1 effort defined relevant consumer segments among middle-income / mid-level net worth households as shown in the Federal Reserve Board’s Survey of Consumer Finances (SCF).
Retirement Decisions
This section combines several studies exploring decisions people are making at different life stages along with information directed at consumers. This information can be used to help people understand what decisions are needed and the issues involved in the decisions. The consumer information is also suitable for use by advisors and employee benefit plan sponsors.
- Actuarial Impact of Mental Health Issues in Retirement - Essay Collection
- March 2024
- Explore three essays addressing the actuarial impact of mental health issues in retirement.
- Retirement Planning and Decision-Making Among Early Middle-Aged Adults
- October 2023
- The objective of this study was to gain insights into the savings and retirement planning of 35- to 45-year-olds and the attitudes, beliefs, life experiences, pressures, and other factors that influence their savings and planning. Toward that end, eight focus groups of men and women ages 35 to 45 were convened in January and February 2023 to discuss with an experienced focus group moderator what they are doing to prepare for their retirement.
- Managing Retirement Decisions
September 2023
A landmark effort examining the major decisions encountered in retirement, the result is a thought-provoking series of issue briefs that tackle a variety of retirement decisions with practical considerations and advice. - Late-in-Life Decisions Guide
April 2022
The Aging and Retirement Strategic Research Program is pleased to make available a guide written by Financial Finesse to help older retirees and those who assist them make informed decisions. - Life Journey Study
February 2022
The Society of Actuaries’ Aging & Retirement Strategic Research Program is pleased to make available two reports focused on how families cope with the final years of life. - Financial Perspectives on Aging and Retirement Across the Generations
February 2022
The Society of Actuaries’ Aging and Retirement Strategic Research Program is pleased to release the results of a study focused on the financial perspectives of aging and retirement of Americans across five generations, including Millennials, Gen X, Early Boomers, Late Boomers and the Silent Generation. In addition, the study, a follow-up to a survey conducted in 2018, seeks to understand how the habits and behaviors from earlier in life played out in the later years of retirement. - Thinking Ahead: Informing the Design of a Roadmap for Keeping Your Money Safe as You Age
October
The Aging and Retirement Strategic Research Program is pleased to make available a report summarizing the research phase of a multi-phase project leading to publication of a Conversation Guide to plan for changes in financial capacity and decision-making. - Managing Post–Retirement Risks–Strategies for a Secure Retirement (Risk Chart)
May 2020
The Society of Actuaries’ Aging & Retirement Strategic Research Program is pleased to make available the fourth edition of the retirement risk chart. This chart provides information for consumers and other audiences on retirement risks and strategies for managing these risks. - The Sightlines Project – Seeing Our Way to Financial Security in the Age of Increased Longevity
November 2018
The Society of Actuaries (SOA) is pleased to make available research material from the Stanford Center on Longevity (SCL). The SOA was one of several sponsors of this report that focuses on predictions of financial security at different life stages using pertinent findings from the earlier Sightlines report on financial security. - Post-Retirement Experiences of Individuals 85+ Years Old
May 2018
The Society of Actuaries’ Committee on Post Retirement Needs and Risks is pleased to make available two research reports on post-retirement experiences of individuals 85+ years old. The study seeks to understand how the habits and behaviors from earlier in life played out in the later years of retirement. - Retirement Adequacy in the United States: Should We Be Concerned?
March 2018
This research report summarizes current research on retirement adequacy and compares different measures. - Post-Retirement Experiences of Individuals Retired for 15 Years or More
January 2016
The study seeks to understand how middle-income market retired Americans and Canadians manage their assets and spending decisions over the long-term. - The Decision to Retire and Post-Retirement Financial Strategies: A Report on Eight Focus Groups
September 2013
The report examines the decision process to retire and views on managing assets after retirement. The study was designed specifically to examine those who were not forced to retire due to ill health or disability. - Running Out of Money in Retirement
November 2012
A research study that seeks to understand what has been done to determine the risks of running out of money in retirement. - Spending and Investing in Retirement–Is There a Strategy?
- July 2006
A study that examines how retirees approach key financial decisions about managing their money in retirement.
Managing Finances
This section combines two studies on the provision of retirement advice in a workplace setting with several studies that provide insights on how individuals manage their finances. The studies include two surveys and a focus group study.
- Retirement Literacy
August 2019
The Society of Actuaries Committee on Aging and Retirement Strategic Research Program and Financial Finesse are pleased to make available a series of briefs focused on retirement literacy issues. - How Americans Manage Their Finances – Results of the Financial Management Survey
January 2016
The survey investigated how the financial lives of Americans have changed with the economic recovery over the past few years. - Investment and Retirement Advice – A Guide for Employers
November 2015
A guide that employers can use when considering advice options for a company retirement plan. - Models of Financial Advice for Retirement Plans: Considerations for Plan Sponsors
December 2014
An overview of the professional financial advice industry including the strengths and weaknesses of currently available approaches to providing (and receiving) financial advice, particularly as part of an employer-sponsored employee benefit. - Will Retirement Assets Last a Lifetime?
March 2009
A report on a survey posed to approximately 1,500 retirees with $100,000 or more of investable financial assets. The survey explored how retirees make decisions about investing their assets and purchasing financial products. - Spending and Investing in Retirement–Is There a Strategy?
July 2006
A study that examines how retirees approach key financial decisions about managing their money in retirement.
Retirement Income
This is a series of related studies designed to lay the foundation for the provision of retirement income options in employer sponsored defined contribution plans; to discuss regulatory issues related to options in employer plans; and to provide new tools for the quantitative evaluation of a range of income options.
- Keeping Retirement Plans Secure in an Insecure World
February 2022
The Society of Actuaries’ Aging and Retirement Strategic Research Program and LIMRA’s Secure Retirement Institute are pleased to release a report summarizing a series of interviews with retirement plan recordkeepers and subject matter experts regarding industry practices in financial crimes and fraud prevention. - Viability of the Spend Safely in Retirement Strategy
July 2019
The Society of Actuaries’ Committee on Post Retirement Needs and Risks is pleased to make available a research report that explores various design and implementation details for the Spend Safely in Retirement Strategy (SSiRS). This strategy is intended to be used by middle-income workers and retirees to generate retirement income from IRAs and employer-sponsored defined contribution retirement plans. - Retirement Adequacy in the United States: Should We Be Concerned?
March 2018
This research report summarizes current research on retirement adequacy and compares different measures. - Optimizing Retirement Income by Integrating Retirement Plans, IRAs, and Home Equity
December 2017
The Society of Actuaries’ Committee on Post Retirement Needs and Risks and the Retirement Section are pleased to make available a report providing a framework of analyses and methods that various stakeholders can use to compare and assess strategies for developing lifetime retirement income. - Optimal Retirement Income Solutions in DC Retirement Plan
July 2015
The project illustrates an analytical framework for evaluating retirement income generators (RIGs) that could be offered in a DC retirement plan primarily in the U.S. - Foundations in Research for Regulatory Guidelines on the Design & Operation of Retirement Income Solutions in DC Plans
September 2014
A report about the design and implementation of retirement income solutions in DC plans, informing plan sponsors on options to better meet the retirement security needs of workers who do not participate in DB plans. - The Next Evolution in Defined Contribution Retirement Plan Design – A Guide for DC Plan Sponsors to Implementing Retirement Income Programs
September 2013
A report intended to help plan sponsor fiduciaries understand existing options when studying retirement income solutions for DC retirement plans.
Consumer Interest
This section provides resources to help consumers understand post-retirement risks. The materials are also suitable for media, employee benefit plan sponsors and advisor use. All of the resources are freely available for download and public use.
- Managing Retirement Decisions
September 2023
A landmark effort examining the major decisions encountered in retirement, the result is a thought-provoking series of issue briefs that tackle a variety of retirement decisions with practical considerations and advice. - Late-in-Life Decisions Guide
April 2022
The Aging and Retirement Strategic Research Program is pleased to make available a guide written by Financial Finesse to help older retirees and those who assist them make informed decisions - Thinking Ahead: Informing the Design of a Roadmap for Keeping Your Money Safe as You Age
October 2020
The Aging and Retirement Strategic Research Program is pleased to make available a report summarizing the research phase of a multi-phase project leading to publication of a Conversation Guide to plan for changes in financial capacity and decision-making. - Managing Post–Retirement Risks–Strategies for a Secure Retirement (Risk Chart)
May 2020
The Society of Actuaries’ Aging & Retirement Strategic Research Program is pleased to make available the fourth edition of the retirement risk chart. This chart provides information for consumers and other audiences on retirement risks and strategies for managing these risks - Retirement Literacy
August 2019
The Society of Actuaries Committee on Post Retirement Needs and Risks and Financial Finesse are pleased to make available a series of briefs focused on retirement literacy issues. - Age Wise
May 2016
A series of infographics on how life expectancy can impact retirement planning.
Highlights of Research by Topic or Theme
This series of reports compiles information on specific topics that have been explored in the Committee on Post-Retirement Needs and Risks extensive body of research.
- Understanding & Managing Post-Retirement Risks
- Post-Retirement Risks and Related Decisions – November 2017
Shocks and the Unexpected: An Important Factor in Retirement – December 2017
How People Plan for Retirement – February 2018
Women and Post-Retirement Risks – April 2018 - Retirement Experiences of People Age 85 and Over – February 2019
- Family is Important for Retirement Security - February 2020
- The Journey Through Retirement - April 2021
- COVID Aging and Retirement Research: What’s Been Done and What’s to Come - April 2022
- Long-Term Care, Caregiving and Related Housing Issues: The Perspective of the Individual – February 2024
Other Resources
This section includes several collections of papers and essays written around various themes. It also includes two studies on retirement planning software, single sheet handouts about various parts of the PRNR work, and an overview chart that includes a description of most of the reports of the PRNR committee.
The Impact of Inflation on Retirement - Essay Collection
February 2023
The Society of Actuaries Research Institute’s Aging and Retirement Strategic Research Program is pleased to release a collection of essays addressing the impact of inflation on retirement and retirement-related issues.
Resources and Data for High-Age Individuals Handout -- 2023 Living to 100 Symposium Session
January 2023
Understanding and Managing Post-Retirement Risks
April 2022
Keeping Retirement Plans Secure in an Insecure World
February 2022
The Society of Actuaries’ Aging and Retirement Strategic Research Program and LIMRA’s Secure Retirement Institute are pleased to release a report summarizing a series of interviews with retirement plan recordkeepers and subject matter experts regarding industry practices in financial crimes and fraud prevention.
Maximizing Health Span: A Literature Review on the Impact of a Healthy Lifestyle on Retirement
September 2021
The Society of Actuaries’ Aging and Retirement Strategic Research Program is pleased to release a literature review on the impacts of healthy lifestyle behaviors and chronic condition management, providing a resource for actuaries and others on these issues.
Aging and Retirement Issues for People of Different Races and Ethnicities – Essay Collection
August 2021
The Society of Actuaries’ Aging and Retirement Strategic Research Program in collaboration with the International Association of Black Actuaries (IABA) and the Organization of Latino Actuaries (OLA) is pleased to release a collection of essays in response to a call for essays aimed to explore how differences in wealth and retirement outcomes are experienced by people of different races and ethnicities and to promote a better understanding of the underlying issues surrounding the differences.
Understanding and Managing Post-Retirements Risks Reports Flyer
April 2021
A flyer that provides an overview of a report series that summarizes the SOA's work on Post-Retirement Risks.
Work and the Retirement Journey – Essay Collection
March 2021
The Society of Actuaries’ Aging and Retirement Strategic Research Program is pleased to release a collection of essays in response to a call for essays exploring ideas and thoughts on working in retirement and phased retirement programs.
Redefining the Goal of Retirement Planning – Essay Collection
October 2020
The Society of Actuaries’ Aging and Retirement Strategic Research Program is pleased to release a collection of essays in response to a call for essays aimed to gather perspectives, opinions and data on how to advance the state of effective retirement planning to assist individuals, actuaries, financial advisors, employers, and other stakeholders.
Products, Tools, and Strategies that Address Retirement Risks – Essay Collection
May 2020
The Society of Actuaries’ Aging and Retirement Strategic Research Program is pleased to release a collection of essays aimed to gather perspectives, opinions and data on how to advance the state of effective retirement planning tools, products, and strategies to assist individuals, financial advisors, employers, and other stakeholders.
Family Structure, Roles and Dynamics Linked to Retirement Security – Essay Collection
June 2019
The Society of Actuaries (SOA) Committee on Post-Retirement Needs and Risks is pleased to present this essay collection, which shares thoughts and opinions on the current and potential impact that structure, roles and dynamics of families have on retirement security in the United States.
Insights on Spending and Asset Management in Retirement
May 2019
The Society of Actuaries (SOA) is pleased to make available a report summarizing key points made during an online discussion through the SOA’s Aging & Retirement Strategic Research Program and issues related to spending in retirement, asset management and the use of Qualified Longevity Annuity Contracts (QLAC).
Women Take the Wheel - Destination Retirement
January 2019
This presentation was first given to the American Savings Education Council and provides insights into SOA Research on women and retirement.
A Conversation on Dementia and Cognitive Decline
December 2018
The Society of Actuaries (SOA) is pleased to make available a report summarizing key points made during an online discussion through the SOA’s Aging & Retirement Strategic Research Program and issues related to dementia and cognitive decline. Participants included actuaries, retirement researchers, financial advisors, attorneys, economists, and financial writers.
Understanding America Study (UAS) Comprehensive File
September 2018
This webpage provides a description and instructions for accessing the Understanding America Study (UAS) Comprehensive File. The SOA provided support for the creation of the file.
What Happens Later in Retirement: Insights from the Society of Actuaries Research with Retirees 85 and Over
July 2018
This presentation provides insights into SOA Research on retirees ages 85 and older.
Securing Future Retirements Essay Collection
May 2018
The Society of Actuaries (SOA) Committee on Post-Retirement Needs and Risks is pleased to present this essay collection, which shares thoughts and opinions on how to advance the state of effective planning strategies, products and employee benefit plan structures to help secure future retirements.
New Insights from 2017 Society of Actuaries Research on Post-Retirement Risk
March 2018
This presentation was given to a local actuarial club, but is suitable for a wide variety of venues.
Managing Retirement – Issue Briefs Summary
Financial Wellness Essay Collection
This collection of essays provides a thought-provoking array of views and perspectives related to financial wellness.
April 2017
An Overview of the Society of Actuaries Research on Post-Retirement Risk
April 2017
Diverse Risks Essays Collection
April 2016
This collection of essays explores the diverse risks associated with defined contribution plan risk management strategies; decumulation strategies for retirement; and long-term care financing.
Managing the Impact of Long-Term Care Needs and Expense on Retirement Security
December 2014
This collection explores the impact of long-term care needs and expense on retirement security from a variety of aspects.
Understanding Longevity: What to Tell Your Clients
February 2011
A presentation assembling basic actuarial longevity information and deriving perspectives to support the financial planning process.
Retirement Planning Software and Post-Retirement Risks
December 2009
An effort that examined the current state of retirement planning software's handling of post-retirement risks.
Housing in Retirement Monograph
September 2009
The papers in this monograph provide varied perspectives on many housing and retirement issues of concern to policymakers, financial planners, and homeowners, among others.
Retirement Planning Software
2003
This report reviews retirement planning software programs available to individuals and their professional advisors.