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Want to be Prepared for Retirement? Work With a Professional

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Did you know that people who use financial advisors are more likely to feel confident in their retirement preparedness than people who don’t? Well, according to a recent report from the LIMRA Secure Retirement Institute, it’s true.


Reportedly, out of the pre-retirees surveyed by the LIMRA Secure Retirement Institute, 43% of those who work with an advisor claimed to feel well prepared for retirement. In contrast, only 21% of those who do not work with a financial advisor report feeling similarly confident.

It Helps to Have a Plan

Additionally, the survey found that having a formal, written retirement plan is a big plus when it comes to preparing for retirement.

Two-thirds of those who have a written retirement plan report feeling well prepared. On the other hand, two-thirds of senior citizens that did not have a written retirement plan reported low confidence levels in their preparedness for retirement.

Study Confirms Working with Financial Advisors Better Prepares Pre-Retirees for Retirement

“Consistently, our research has shown that those who work with an advisor are more likely to have a plan, have a better grasp of their financial situation and generally feel more confident in their retirement security,” Jafor Iqbal, assistant vice president of the LIMRA Secure Retirement Institute, states.


With that being said, many Americans have a long way to go before being fully prepared for retirement. The LIMRA study found :


  • Only 27% of pre-retirees have a fully-developed plan for converting their retirement nest eggs into a stable and reliable income stream
  • Only 1 out of 3 have estimated how long their retirement savings are likely to last
  • One pre-retiree in five has not completed any retirement planning activities at all


However, it has been reported in each case that those who have worked with professional financial advisors are substantially more likely to have completed these vital financial planning steps than those who do not work with an advisor.

How Can a Financial Advisor Help?

A qualified advisor may help you and your family in the following ways:


  • Providing a Roadmap.

No matter what background they may have, a good advisor will help you:


  • Develop a snapshot of your current financial condition
  • Develop a realistic plan to get you toward your financial goals
  • Protect what you already have


Many people report feeling better about their finances very quickly after the first few meetings. These positive feelings come from having a clear understanding of their situation. They have a better idea of how much they should be saving and investing, as well as having specific advice on how to do it.

  • Risk management.

Insurance products can take a great deal of uncertainty and risk out of your financial future. Such products can include life insurance, long term care insurance, and annuities.


Few do-it-yourselfers have the detailed knowledge and expertise required to select the most suitable insurance coverage. Licensed insurance professionals, on the other hand, are able to provide the proper guidance when assisting you in making the best decisions regarding your situation. They can help you preserve your legacy and assets while helping ensure you won’t outlive your income in retirement.

  • Continuity.

It is not uncommon for one spouse to handle most of the financial affairs. But if unfortunate circumstances strike, the other spouse may not be comfortable with, or capable of, taking over the financial decision-making. A financial advisor can provide needed continuity and assistance through difficulty and tragedy.

  • Achieving Goals.

Some advisors come from an investing background while others come out of the insurance industry. Both have the same ultimate goals:


  • To see that your family is protected from financial catastrophe
    • Such as disability or untimely death of the family’s breadwinner
  • To see you realize your financial goals
    • Such as a long and comfortable retirement


Don’t put off planning for your retirement any longer. Call us to discuss your options today.