Americans view retirement planning as the most difficult financial task, a survey of 4,000 investors by Hearts & Wallets found.

Only 60% of those in or approaching retirement have a solid or written income plan, and of those 57% developed their own plan. “Plans have on average only 4.1 of the eight components that we view as important for a robust retirement income plan,” said Chris Brown, one of the authors of the study. “Retirees are struggling to make informed income drawdown choices. Thirty percent of those without pensions are drawing down income at unsustainable rates of 7% or more.”

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