Retirement planning is the No. 1 topic of discussion between advisors and their clients, according to research released by the Insured Retirement Institute. IRI found that investors were asking for help with retirement planning more often than other topics like investing, taxes or estate planning.
IRI surveyed 800 investors with at least $25,000 in investable assets. This data is part of an early release; full results are expected in May.
Nearly 90% of respondents said they talk about retirement planning with their advisor. Of those, the majority have focused on specifics like the level of savings needed (83%) and the age at which they’ll retire (80%). Broader issues are less common, with just two-thirds saying they talk about where they will live in retirement. Less than 60% said they talk about long-term care needs with their advisor and only 41% said they discuss Social Security claiming strategies.
Although 40% of respondents said they talk about tax planning with their advisor, 89% said tax deferral is an important feature in choosing a retirement product.