LIMRA: Pre-retirees who work with advisors do more planning

Pre-retirees who work with an advisor are more than twice as likely as those without one to have accomplished some financial planning activities, new research shows.

LIMRA, Windsor, Conn., released this finding in a summary of results from a new survey, “The Pre-Retiree Market: Surveying the Landscape.”

The report shows that 61 percent of pre-retirees who work with advisors have calculated the amount the amount of assets and investments available to spend in retirement. This compares with less than one-third (32 percent) of pre-retirees who don’t work with an advisor.

Large percentage gaps also separates retirees who have determined what their income will be in retirement (57 percent who work with advisors versus 44 percent who don’t) and determined what their expenses will be in retirement (51 percent versus 36 percent).

Similarly, 48 percent of pre-retirees who work with an advisor have estimated how many years their assets and investments will last in retirement, as opposed to 23 percent who do not work with one. And 37 percent of advisor-affiliated pre-retirees have identified the activities they plan to engage in and their likely costs, versus 26 percent of pre-retirees who are without an advisor.