Investigating the views of pre-retirees’, LIMRA shares the results of their survey of non-retired 55-70 year olds. The survey compares planning activities for those who work with a financial advisor to those who do not.
The Pre-Retiree Market: Surveying the Landscape, 2012.
LIMRA News Release
Dec. 12, 2012
The study reported 85% do not have a formal written retirement plan, and 30% haven’t even started planning. “Formal, written plans that manage income, assets and expenses during retirement can be an effective way for advisors to help their clients to organize their planning efforts and implement the specific elements of the strategies they establish.”
The survey asked the participants to indicate if they had worked on retirement planning steps. The percent of those surveyed that do not work with an advisor are below:
- “32% calculated the amount of assets and investments you will have available to spend in retirement”
- “44% determined what you income will be in retirement”
- “36% determined what you expenses will be in retirement”
- “23% estimated how many years your assets and investments will last in retirement”
- “26% identified the activities you plan to engage in and their likely costs”
Working with an advisor significantly increases retirement planning. “This study found those who worked with advisors were twice as likely to have accomplished at least some planning activities, particularly the more complex aspects of planning, such as calculating future assets available in retirement and estimating how long those assets will last (chart).”
View more results from the surveys here.
