The model used by many financial planners for retirement planning doesn't accurately reflect how retirees spend during their early and middle retirement years, which means advisors might be overestimating how much their clients will need to save for retirement.
That's according to the research of David M. Blanchett, head of retirement research for the Morningstar Investment Management Group. And although the headlines have been screaming for years that people aren't saving enough for retirement, much less being told that their targets are too high, he's receiving an award for his work.
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