LIMRA research found almost two-thirds of pre-retiree households, age 55-70, do not have a professional financial advisor. However, the majority, 54 percent, of those who do work with an advisor feel confident about life after retirement.

“With so much uncertainty in the economy and in the social programs supporting retired Americans, pre-retirees face many challenges when preparing for retirement,” said Marie Rice, corporate vice president and director of LIMRA Retirement Research. “Our research is clear: Those who use professional financial advisors enjoy the peace of mind that they are making the appropriate decisions to ensure they have a financially secure retirement.”

Other findings:

  • Sixty-three percent of pre-retirees said they did not feel confident they will be able to live the retirement lifestyle they would like.
  • Fifty-five percent of retirees have not saved enough for retirement — less than $100,000 in household financial assets.
  • Half of pre-retirees, 30 million, have considered the implications of outliving their income.

“Retirement planning involves many complicated decisions that should not be done without the knowledge and expertise that a professional financial advisor can provide,” commented Rice. “Pre-retirees who use this help to make these critical decisions are more confident that they made the right choices.”

Source: LIMRA