What are the constraints?
We identified the most relevant behavioral constraints to retirement planning:
It’s invisible. Retirement is not something we usually talk about, and we won’t know if we’ve done it right until it’s too late.
It’s boring and depressing. When we do think about retirement, we must imagine a time when we will be old and possibly unwell.
It’s complicated and confusing. Developing a plan for retirement requires intention and effort, but in complex situations, it is easier to do nothing.
It’s less important than current needs. Short-term goals may be more pressing than long-term savings.
We considered the impact of these constraints on our study segments – attainable, unattainable, and retired – and considered them when imagining a better value proposition.
You can learn more about these constraints in the full report.