Title

Financial Advice, Plan Choice, and Retirement Plan Satisfaction

Campus

Gainesville

Publication date

2021

Publisher

Association for Financial Counseling and Planning Education

Book or Journal Information

Connect: The World of Critical Care Nursing, 32(1), 35-51

Keywords

Defined benefit plans, Defined contribution plans, Regret, Retirement planning, Satisfaction, University system employees

Abstract

Most private sector employees have access to defined contribution retirement plans while public sector employees often may choose defined benefit or defined contribution plans. This research utilized a survey of faculty to analyze retirement plan satisfaction. Advice from a financial planner was positively associated with satisfaction with portability. Retirement plan knowledge was negatively associated with satisfaction with the decision period. Selection of a defined benefit plan was positively related to four aspects of satisfaction and negatively related to regret. Financial planners assisting individuals who face such choices should acknowledge the decision’s challenges and evaluate the client’s level of retirement planning knowledge. Focusing on long-term goals and the client’s investment and mobility risk tolerance may be helpful, especially after market corrections.

Author Biography

Mike Ryan is the recipient of the 2013 Excellence in Online Teaching Award at the University of North Georgia. Ryan has also received the 2010 Professor of the Year Award from the Georgia Association of Economics & Finance, 2009 Teaching Excellence Award for the Southeastern Region from the Association of College Business Schools and Programs (ACBSP) and the 2009 Academic Advisor of the Year Award from Gainesville State College.

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Financial Advice, Plan Choice, and Retirement Plan Satisfaction

Most private sector employees have access to defined contribution retirement plans while public sector employees often may choose defined benefit or defined contribution plans. This research utilized a survey of faculty to analyze retirement plan satisfaction. Advice from a financial planner was positively associated with satisfaction with portability. Retirement plan knowledge was negatively associated with satisfaction with the decision period. Selection of a defined benefit plan was positively related to four aspects of satisfaction and negatively related to regret. Financial planners assisting individuals who face such choices should acknowledge the decision’s challenges and evaluate the client’s level of retirement planning knowledge. Focusing on long-term goals and the client’s investment and mobility risk tolerance may be helpful, especially after market corrections.