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Don’t drift into your retirement. Design it. Join us in the next Design Your New Life in Retirement group program starting April 26.
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Who knows more about whether or not you’re ready to retire? Your financial advisor – or you? While you’re diligently planning for your retirement and dreaming to retire happy, the retirement landscape keeps evolving around you. Let’s take a look at what’s happening in the world of retirement with Nate Miles of Allspring Global Investments. He joins us to the discuss key trends highlighted in their latest study on retirement, including happiness in retirement, retirement readiness, what retirees regret – and more.
Nate Miles joins us from North Carolina.
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Bio
Nathaniel (Nate) Miles is head of Global Client Strategy at Allspring Global Investments. As the leader of this business, Nate leads a team of investment specialists centered on client-type expertise, which enables Allspring to be more relevant and impactful with clients. Client-type areas of expertise include Defined Contribution, Pension/LDI, Insurance, Liquidity, Foundations and Endowments, and Wealth. Nate joined Allspring from its predecessor firm, Wells Fargo Asset Management (WFAM). He joined WFAM from WisdomTree Asset Management, where he served as U.S. head of retirement solutions. In this capacity, he oversaw the creation and execution of marketing strategies and distribution for retirement business across all platforms. Prior to this, Nate worked as a managing director at State Street Global Advisors and as head of U.S. investment strategy with its defined contribution team, where he began his investment industry career in 2005. Nate earned a bachelor’s degree in economics and financial management with honors from Wilfrid Laurier University. He has earned the right to use the Chartered Financial Analyst® (CFA®) designation and is a member of CFA Society Boston.
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For More on Nate Miles
The 21st annual Allspring Global Investments Retirement Survey: A Clear Vision of Retirement
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Podcast Episodes You May Like
Life in Retirement: Expectations & Realities – Catherine Collinson
Retire Happy – Dr. Catherine Sanderson
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Wise Quotes
On Happiness in Retirement
“The one thing that we found out every year is our study says and relates how happy retirees are. So that wasn’t new, but we are trying to get to the why. And one of the things we found this year for the first time was that on average retirees could have their spending decline by 25% before it significantly impacted their happiness. So that was a bigger number than I expected, but was corroborated by the fact that when we asked them about their spending on things like their needs, wants and wishes, that only tallied up about 64% of total income. So those numbers actually jive together and I think are a nice story and a nice finding from this study.”
On Retirement Readiness
“Advisors ranked their clients as 40% of them being generally ready for retirement. Near retirees were down below 40%. So there was actually a positive spread. I would say advisors believed them to be a little more prepared, but retirees were up around 77%, so clearly much happier. So overall we had advisors at about 50% of their client base being ready for retirement versus a total population of 64%. But that’s really broken down between those two groups where the retirees were much more confident than near retirees.”
On Regrets
“It was a little bit harder to find regrets because our retirees tend to be generally pretty happy. They don’t tend to have much complaint about retirement. It is generally better than they expected. One was the too early crowd. We saw some that retired before age 50, 38% suggested that it was too early. They wished they would’ve hung on and worked a little bit longer. So yes, they were able to retire, but I think they thought there’s probably more that they could have done in the workforce and it had that social component to it and could’ve stayed a little bit longer.” So that was one in terms of retiring too early and when they did state they retired too early, it was five years too early.”
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About Retirement Wisdom
I help people who are retiring, but aren’t quite done yet, discover what’s next and build their custom version of their next life. A meaningful retirement doesn’t just happen by accident. Schedule a call to discuss how The Designing Your Life process created by Bill Burnett & Dave Evans can help you make your life in retirement a great one – on your own terms.
About Your Podcast Host
Joe Casey is an executive coach who also helps people design their next life after their primary career and create their version of The Multipurpose Retirement.™ He created his own next chapter after a twenty-six-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Today, in addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, which thanks to his guests and loyal listeners, ranks in the top 1 % globally in popularity by Listen Notes, with over 1.2 million downloads. Business Insider has recognized Joe as one of 23 innovative coaches who are making a difference. He’s the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy.
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The views and opinions expressed by guests on The Retirement Wisdom Podcast are solely those of the guests and do not reflect the opinion of the host or Retirement Wisdom, LLC. The Retirement Wisdom Podcast primarily covers the non-financial aspects of retirement. From time to time we may invite guests who discuss other aspects of retirement planning, solely for educational purposes. Listeners are advised to consult qualified financial and/or medical professionals on those matters.
