Editorial Comment: Worth Mulling Over

It may also be that people in the sample group are already fixed in their retirement income approach and so see no need for outside help now. They are, after all, ages 60 to 74. A younger survey group may reveal different results.

It’s also likely that some in the uninterested group may be more reluctant than disinterested. That is, they may refuse professional help because they don’t want to pay the associated fees or because they believe they cannot afford those fees. This is a common pattern with people who want but do not pay for professional assistance with, say, their income tax returns; it’s only reasonable to expect some people will respond the same way to the idea of retirement income planning.

A related factor is that some individuals may be uninterested in income planning because they do not see a cost/benefit relationship between what they pay and the results they will get. This is probably exacerbated by the lack of education and awareness about income planning, as mentioned earlier. It might help if advisors and providers were to make readily available some simple examples of the various benefits.

Finally, at least some of the disinterested folks are probably people who don’t plan for anything, let alone retirement; and/or who won’t let a professional help them plan because they believe they are capable of doing it themselves. A clear depiction of what planning does-and does not-do might help some of these people get a better understanding.

What to do with the uninterested prospect? Some advisors say they move on to planning topics that do interest the client. Many say they do try to provide retirement education and information, but only if the person is willing to listen. Some just say, “some dogs won’t hunt,” period.

Still, the question is worth mulling over. One other finding from the Thrivent survey makes that point clear: of the 22% of older adults who did speak with a professional about income planning, 94% said they found the experience helpful.