In its 2014 Fact Book on Retirement Income, the LIMRA Secure Retirement Institute estimates that 1.5 million people will retire every year from now until 2025. This means 123,270 people will retire every month. To put it another way, almost the same number of people as the population of Hartford, Connecticut retire every month in the United States.
Prior LIMRA Secure Retirement Institute research finds that more than half of pre-retirees (age 55-70, non-retired) say they are not confident that they will be able to achieve the lifestyle in retirement they desire. Additional LIMRA Secure Retirement Institute research reveals less than 4 in 10 pre-retirees work with an advisor, yet those that do are more likely to have completed basic retirement planning and are more confident about their retirement security.
In fact, 79 percent of pre-retirees who work with an advisor say they are well or moderately prepared for retirement. Among those who do not work with an advisor 34 percent say they are poorly prepared and 16 percent, not prepared at all.
Advisors can help clients prepare for their life after work by creating a retirement income plan. Among pre-retirees, 51 percent ranked an income plan as their most valued service. Also half of pre-retirees put a high value on minimizing the risk of running out of money in retirement. More than 80 percent of advisors and pre-retirees agree that a written plan is the best way to achieve goals for a secure retirement.