Majority of Pre-Retirees Have Saved Less Than $100,000 for Retirement...

63% — Percentage of pre-retirees who said they did NOT feel confident they will be able to live the retirement lifestyle they would like.

55% — Percentage of retirees who have NOT saved enough for retirement — less than $100,000 in household financial assets.

30 million — Number of pre-retirees who have considered the implications of outliving their income.

LIMRA research found almost two-thirds of pre-retiree households, age 55-70, do NOT have a professional financial advisor. However, the majority, 54%, 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.”

“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