Attitudes to advice cost must change
The Retirement Policy and Research Centre has released a working paper: "Options for dis-saving safely."
It says many middle-income retirees are ill-prepared to manage lump sums and are unable or unwilling to acquire the skills and knowledge necessary to manage their assets.
This is likely to become more of a concern as New Zealanders invested in KiwiSaver accumulate larger balances.
The Centre says a particular flaw of KiwiSaver is the absence of any consideration of the decumulation phase of an investor's life cycle. Most people self-manage their retirement income and there are few tools available to help them.
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