How to prepare for a sudden financial hardship

You might not be planning to unexpected financial shocks in retirement. But you should be according to the results of a survey recently published Society of Actuaries Research Institute’s Aging and Retirement Strategic Research Program.

According to a recent SOA survey, about half of the pre-retirees report experiencing some type of unexpected financial shock, as well as more than four in 10 retirees. And, one in five pre-retirees report that these shocks have reduced their assets by 25% or more and reduced their spending by 10% or more.