CFPB report helps consumers plan for retirement

This story appeared in Bank Digest.

As part of its stated mission to "empower consumers to take more control over their financial lives," the Consumer Financial Protection Bureau has issued a report entitled "Consumer insights on managing funds at the time of retirement." As the June 2017 report explains, the CFPB commissioned research to better understand solutions to some of the challenges that consumers face in planning for their retirement and in spending their funds during those retirement years. In reporting the results of its research, the CFPB aims to "help consumers more effectively plan for retirement and manage personal retirement accounts."

In addition to the research results, the CFPB's report promotes "optimal choices" for consumers through two approaches: simplification and pre-commitment.