Retirement Income Beliefs and Financial Advice Seeking Behaviors

33 Pages Posted: 24 Mar 2021

See all articles by Alejandro Murguia

Alejandro Murguia

Retirement Researcher; McLean Asset Management

Wade D. Pfau

The American College for Financial Services; Retirement Researcher

Date Written: February 1, 2021

Abstract

This investigation identifies and validates a series of salient behavioral finance and psychological constructs that influence retirement income planning. We show how these scales are related to each other as well as retirement income concerns and investment behaviors. We also describe how four investment personas can be linked with the Advisor Usefulness and Retirement Income Self-Efficacy scales to successfully identify preferred financial implementation methods. This can assist individuals in more readily recognizing their relative strengths and weaknesses when implementing a retirement income strategy, and financial professionals can present advice in a manner that addresses a client’s concerns and preferred implementation.

Keywords: retirement income, self-efficacy, financial advisor perceived usefulness, behavioral finance

JEL Classification: D14

Suggested Citation

Murguia, Alejandro and Pfau, Wade D., Retirement Income Beliefs and Financial Advice Seeking Behaviors (February 1, 2021). Available at SSRN: https://ssrn.com/abstract=3788425 or http://dx.doi.org/10.2139/ssrn.3788425

Alejandro Murguia

Retirement Researcher ( email )

1900 Gallows Rd, Suite 350
Vienna, VA 22182
United States

HOME PAGE: http://www.retirementresearcher.com

McLean Asset Management ( email )

1900 Gallows Rd, Suite 350
# 1150
Vienna, VA 22182
United States

HOME PAGE: http://www.mcleanam.com

Wade D. Pfau (Contact Author)

The American College for Financial Services ( email )

630 Allendale Rd
King of Prussia, PA 19406
United States

HOME PAGE: http://www.retirementresearcher.com

Retirement Researcher ( email )

1900 Gallows Rd, Suite 350
Vienna, VA 22182
United States

HOME PAGE: http://www.retirementresearcher.com

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